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GBP/USD rises on MPC Meeting Minutes, USD weakness

The MPC Meeting Minutes showed a unanimous decision to maintain policy unchanged in April. This was not  surprising, but the minutes also consist of some interesting comments.

GBP/USD rises 30 pips and trades at 1.4966. Update: the pair continues north, riding on USD weakness and crosses the 1.50 level.

More: See how to trade the British retail sales with GBPUISD

The euro-zone economy seems to be picking up according to the Bank of England. This is a relatively upbeat assessment. However, regarding the US economy, the members seem to be surprised by the “sudden deterioration”.

Regarding the UK economy, not much has changed since the previous decision.  The comment about little change in the UK economy could be related to the upcoming elections: Carney and co. might prefer refraining from anything that could be  seen as influencing the elections.

Regarding the pound, they  see its strength as lowering CPI faster than predicted and that it could imply a bigger bounce back. This is also a hawkish comment.

These are minutes from the April meeting, in which the MPC left policy unchanged, as usual. This is also  politically sensitive.

GBP/USD traded around 1.4935 towards the publication and continues advancing. Can it hit 1.50?

More:  GBP: Trading UK Elections – ING

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.