The Bank of England released minutes of its May policy meeting during the current trading session. While the Great Britain pound has been flat against the US dollar after the release, the currency gained on its other major rivals, including the euro and the Japanese yen.
The minutes showed that the decision to keep monetary policy unchanged was unanimous. Overall, market participants considered the report relatively hawkish. For example, it said:
While there was a range of views over the most likely future path for Bank Rate, all members agreed that it was more likely than not that Bank Rate would rise over the three-year forecast period.
As a result, the sterling rallied, though it was unable to outperform the dollar.
GBP/USD traded at about its opening level of 1.5513 as of 11:30 GMT today. EUR/GBP slipped from 0.7183 to 0.7151.
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