Bank of England & ECB keep rates on hold
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
The Bank of England’s Monetary Policy Committee left rates unchanged at 5% today, the decision was widely expected. The bank is clearly in a tough position, the outlook for growth is weak and inflation is becoming a serious concern. Sterling stayed close to a 7 week low against the Euro.
After a previous hike in rates by the ECB last month, today they have decided to hold tight at current levels. The Euro was sold aggressively against the US Dollar as Trichet suggested second-half economics to slow implying the ECB are unlikely to raise interest rates again this year.
Thursday 07 August 2008, 04:29pm
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