The Great Britain pound experienced weakness today but halted its decline and attempted to gain ground after the Bank of England decided to keep its monetary policy unchanged.
The BoE announced today:
The Bank of Englandâs Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
Such decision was widely expected by market participants. It will be interesting to see the minutes of this meeting, which will be released in two weeks, as the previous meeting’s minutes revealed dissension in the ranks of MPC members as two of them voted for an increase of interest rates.
GBP/USD fell from 1.6461 to 1.6422 as of 14:30 GMT today but bounced from the daily low of 1.6395 — the weakest level since February 11. GBP/CHF surged from 1.5105 to 1.5243.
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