The Bank of England announced at 12:00 (London) that the Monetary Policy Committee has voted to leave interest rates unchanged at 0.50% and asset purchases at £375bn. This was the expectation of analysts leaving the announcement a near non-event, traders focus will be on the minutes for the meeting that will be released on the 23rd July and next month’s quarterly inflation report. Both will give traders an opportunity to gauge the MPC’s outlook for the all-important timing of interest rate increases.
The meeting held on the 9th and 10th of July was the new deputy governor for markets and banking Nemat Shafik’s first meeting.
In the FX markets sterling barely moved as the announcement was made trading around session lows against the greenback at 1.7106.
An article written by Abshire-Smith, was published by inVEZZ on Tuesday "Has Cable (GBPUSD) reached a top?"