Bank of England leave interest rates unchanged at 0.5%
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
A weak start to the day for sterling, as traders pushed cable down towards the 1.58 level expecting the bank of England to disappoint currency markets. However, the central bank announced a pause in their quantitative easing programme, holding the budget at £200 million. Sterling spiked on the news, traders sold into the pound, this afternoon the selling has continued and sterling is currently trading at the day’s lows. Until recessionary pressures ease we are unlikely to see the bank unwinding stimulus measures, they have left open the option of further monetary easing.
The European central bank kept rates at 1%. Trichet said that he is confident Greece can get its budget deficit under control and signalled officials have no plans to raise key interest rates from record lows of 1%.
Thursday 04 February 2010, 03:45pm
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