Forex: What the BoE Decision on UK Interest Rates Means For GBP
- The Pound eased back gently after the Bank of England left all its monetary policy settings unchanged, as expected.
- The accompanying statement was seen as dovish as the bank said any future increases in interest rates are likely to be gradual and modest.
- In this webinar, DailyFX Analyst and Editor Martin Essex looked at the outlook for GBP before and after the rate decision.
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The Bank of England left all its monetary policy settings unchanged Thursday, as expected, but its statement was mildly more dovish than predicted and GBP eased in response.
The BoE said last week’s breakthrough in the Brexit talks had reduced the risk of the UK leaving the EU in a disorderly way and may boost economic confidence, but still said only modest increases in Bank Rate would be warranted over the next few years.
--- Written by Martin Essex, Analyst and Editor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.