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UK MPC votes 8:1 against a hike – GBP slides

The Bank of England was expected to vote 8:1 against changing its policy. Only Ian McCafferty voted for a rate hike to 0.75% in the past two decisions. Since then, we had UK wages rising and supporting the case for a hike but also disappointing figures such as the poor services PMI.

GBP/USD traded at around 1.5370 towards the release, up from previous levels, riding on the weakness of the greenback.

  • BOE  signals no rush for a rate hike due to inflation weakness.
  • Labor costs remain low
  • Appreciation of sterling weighs as well

GBPUSD down October 8 2015 BOE MPC

Live Coverage here, more details later


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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.