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Abshire-Smith Market Analysis

China’s Central Bank Cuts Interest Rates

The Chinese Central bank, The PBOC has cut interest rates for the first time since 2012. The surprise move of lowering borrowing costs to counteract a cooling economy, which is on track for its lowest annual growth in 24 years (CNBC). The move to reduce rates by 25bps, to 2.75% comes into effect from the 22nd of November Following the announcement commodity currencies, specifically the Aussie Dollar strengthened from 0.8630 to trade a session high of 0.8721....

BoE MPC November Minutes, 7-2 vote for rate rise

The Bank of England minutes for the MPC meeting held 5th and 6th November were less dovish than the market had expected with the split being the same as October. The MPC split was a 7-2 vote for interest rates to be left unchanged at 0.50%, with Weale and McCatherty voting for a 25bps rate rise. The committee voted 9-0 to leave the asset purchase (QE) programme at £375bn. ...

Bank of England minutes will be released at 9:30am (London)

The Bank of England will release the Monetary Policy Committees minutes for the meeting on the 6th November. The MPC voted to leave interest rates at the record low of 0.50% and the quantitative easing asset purchase programme is £375bn. The announcement was as expected, with little effect to sterling in the FX markets. The October minutes showed the vote was 7-2, with the two dissenters being Ian McCafferty & Martin Weale. Traders will be watching today’s minutes for a change in tone......

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