The Pound is little moved against the majority of it most traded peers as investors wait for the Federal Reserve’s press conference due at 18:00 pm GMT which they hope will clarify whether the Central Bank will ease its monetary easing policy.
With the Federal Reserve meeting dominating the news the Bank of England’s latest policy meeting has had little impact on the Pounds movement. The June 5th- 6th meeting was the last one presided over by Governor Mervyn King.
King lost his final monetary policy vote as the majority of officials blocked his bid to introduce more stimuli. The Monetary Policy Committee voted 6-3 to keep the target of its bond purchasing programme at £375 billion. All nine chose to keep interest rates at the record low level of 0.5%. They cited the improving UK recovery as their reasons for voting against more stimuli.
“The recovery was becoming more established,” the majority said, according to the minutes. “The effects of the committee’s previous round of asset purchases were still working through, and together with the Funding for Lending Scheme, should continue to boost activity.”
The policy makers who lost the vote said; “For other members, the case for more monetary stimulus remained compelling, projections implied only a modest recovery in growth and relatively little improvement in unemployment.”
After the BOE minutes were released the Pound erased gains against the US Dollar.
New governor Mark Carney takes the helm at the BOE in July.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5607 <
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1654 <
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6426 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9492
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8559 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6079 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5121 >
(As of 11:05 am GMT)
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