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Bank of England minutes August

The Bank of England release the minutes from the MPC August meeting, with a surprise 7 - 2 vote on interests rates, and a 9 - 0

Vote as expected on asset purchases.

Ian McCafferty and Martin Weale voted against the proposition of leave interest rates unchanged, preferring to increase Bank Rate by 25 basis points. 

This is the first time that any of the MPC has dissented from Carney's position of rates being held at 50 bps. 

GBPUSD

Following yesterday's lower than expected inflation reading (CPI/RPI) GBP weakened against the greenback and trended towards 1.6600 during the Asian session.

The BoE minutes put a bid into sterling with the surprise 7 - 2 vote, lifting expectations of a rate rise in the nearer term. GBPUSD rallied 75 pips from session lows in a knee jerk move, but this tone faded shortly to trade at 1.6650 (9:45 London).

The Bank of England Minutes for the meeting held 6th and 7th of August

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