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BOE Inflation Report – GBP Negative

Written by Andrew Isbister on August 10th, 2011.      0 comments

10:30 PM (NZT) Tonight's Bank of England (BOE) Inflation Report was more dovish than their report in May. It appears the Monetary Policy Committee (MPC) will be happy for rates to be on hold for some time. Given recent events, this is hardy surprising. The chances of another round of stimulus by way of quantitative easing (QE: essentially the printing of electronic money) remains on the table, and will limit the chances of GBP appreciation.
 
The Report also stated the risks around Europe are “unimaginable or unmentionable”. As a consequence of the Report, the Australian dollar Great British Pound cross rate, and New Zealand dollar Great British Pound cross rate, both found a degree of support, as on the whole the Report was negative for the beleaguered Great British Pound. 
 

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