FXStreet – Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair is ending the day pretty much unchanged, as a dovish BOE weighed on Pound.
Key Quotes:
“The Central Bank had its economic policy meeting, offering alongside with the latest decision, the quarterly inflation report. All of the MPC members agreed to leave rates unchanged, for the first time since July, with Ian McCafferty, abandoning the hawkish bias.”
“The BOE slashed its growth forecast to 2.2% from previous 2.5%. Governor Carney, said that the next likely move in rates will be up, but a timing is for now, out of the table. Overall, the announcement was no surprise, with the Bank of England joining worldwide partners in their easing bias.”
“The GBP/USD initially fell with the release, posting a daily low of 1.4528, but quickly recovered ground and set a daily high of 1.4667.”
(Market News Provided by FXstreet)