The Pound has reversed its declines and jumped higher against all of its most traded peers after it was revealed that the Bank of England Monetary Policy committee voted unanimously to maintain the Bank’s Quantitative Easing programme at its current level.
The Pound advanced by 0.5% against the Euro to 1.155
The Bank of England’s monetary policy committee voted 9-0 to leave interest rates and its monetary easing programme unchanged. New BoE governor Mark Carney seems to have worked his magic as two of the committee members who previously voted for more easing, Paul Fisher and David Miles changed their position.
“Give the already large size of the asset purchase program, there was merit in pursuing a mixed strategy with regards to the different policy instruments,” the minutes said. “The committee’s August response to the requirement in its remit to assess the merits of forward guidance and intermediate thresholds would shed light on both the quantum of additional stimulus required and the form it should take.”
“An expansion of the asset purchase programme remained one means of injecting stimulus, but the committee would be investigating other options during the month, and it was therefore sensible not to initiate an expansion at this meeting,” said those policymakers who would otherwise have backed more asset purchases.
Also supporting the Pound was the release of data which showed that unemployment in the UK fell by 57,000 to 2.51 million in the three months to May. According to the office for National Statistics the country’s unemployment rate held steady at 7.8%. The number of people claiming job seekers allowance in June also declined, falling by 21,000 to 1.48 million it’s fastest fall in three years.
Current Pound Sterling (GBP) Exchange Rates
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5207 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1562 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6521 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9357 >
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6575 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8649 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6052 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5166 <
(As of 10:00 am GMT)
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