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.
Prior to the release of the minutes, sterling was offered to session lows around 1.5590, however following the release the pair was bid to over 1.5650. The minutes were less dovish than had been expected, with the market positioned for perhaps the risk of an 8-1 vote.
The next Bank of England rate announcement is the 4th December.