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BoE MPC Minutes Released - GBP supportive

Written by Andrew Isbister on February 23rd, 2011.      0 comments

10:35 PM (NZT) 23 Feb: Bank of England Monetary Policy Committee (MPC) minutes published this evening stated the committee voted six to three to hold UK interest rates steady. However the majority of members agreed medium-term inflation risks had risen, and the case for withdrawing stimulus had strengthened. GBP spiked higher on the release of the minutes, as these comments are GBP supportive.
 
The market has become increasingly “hawkish” in recent weeks, with regards to the trajectory of UK interest rates, due to recent higher than expected inflation indicators. The MPC sets the UK official interest rates. The minutes of MPC meetings therefore provide further insight into the committee’s thought process, and give an indication as to the chances of future rate movements. Today’s minutes appear to confirm the market view, that the MPC will raise interest rates in the UK sooner, than had previously been anticipated some weeks ago.
 
Current interbank market rates:
 
NZDGBP               .4595
AUDGBP               .6172
GBPEUR                1.1852
GBPUSD               1.6235
 

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