The votes from Mann and Pill were a surprise and that is leading to a kneejerk jump in sterling. GBP/USD is up to 1.3306 now from around 1.3250 before the decision. In terms of communique, there isn't much change to the statement whatsoever. The BOE maintains that they will continue with a "gradual" and "careful" approach, similar to that in March.
Once again, it will be a repeat of February where the focus and attention will be placed on voting intentions.
Back then, Catherine Mann voted for a 50 bps rate cut and that surprised markets with the reaction centering on that. This time around, it's the same with Mann voting to keep rates unchanged instead alongside Huw Pill.
This article was written by Justin Low at www.forexlive.com.Hence then, the article about boe cuts bank rate by 25 bps to 4 25 as expected was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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