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GBP stymied by BoE MPC unchanged vote split

Written by Sam Coxhead on March 24th, 2011.      0 comments

9:20 AM (NZT) Offshore markets have been choppy overnight. The GBP eased back from yesterdays levels as the voter split on the Monetary Policy Committee (MPC) at the Bank of England was unchanged at 3-6 , with 3 members voting for higher rates. The market was looking for an increase in the votes looking for a hike in the cash rate as inflationary pressure balloon.  The Budget released has been deemed as fiscally neutral with the lowering of the corporate tax rate being offset by higher North Sea oil taxes and increased levy’s on banks.
The commodity markets were on the front foot again pushing towards new highs in a number of markets. This has helped the CAD and AUD maintain their recent momentum and dragged the NZD along for the ride.
In Europe focus remains on the Govt debt situation and in particular Portugal, with Austerity budgeting causing all kinds of political upheaval with the parliament rejecting the austerity plan. The Prime Minister looks to be forced to resign on this result and the EUR gains have be stymied as the news came to hand.
These themes have seen the NZD and AUD push higher against both the GBP and the EUR.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7417 0.7376 0.7436
AUD/USD 1.0144 1.0065 1.0157
NZD/AUD 0.7313 0.7317 0.7342
AUD/NZD 1.3674 1.3620 1.3667
NZD/GBP 0.4565 0.4517 0.4572
NZD/EUR 0.5257 0.5210 0.5256
NZD/JPY 59.98 59.67 60.11
NZD/CAD 0.7275 0.7246 0.7283