A unanimous vote in the MPC: all 9 members voted against a change in rates. The one member that voted for a hike in the past changed his mind and aligned with the majority.The Bank of England lowered forecasts. The growth forecast is now 2.2% instead of 2.5%. They blame the global economy, which is along the lines of every other central bank out there.
GBP/USD extends its falls but rebounds.The slide began before the actual release: a common front-run in UK events.
This is the Bank of England’s Super Thursday: the rate decision, meeting minutes and the QIR. GBP/USD traded on high ground towards the release, at 1.4650 but dropped in the minutes before the news, following the big dollar dive.
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