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BOE leaves rates unchanged – GBP/USD jumps and cools –

No cut – only one member wanted to cut rates, the rest want to wait another 3 weeks until the QIR. GBP/USD  jumped to resistance at 1.3477 and falls back to the  1.33 handle.

They see the economy  weakening and perhaps one of the reasons not to cut was the fear  of higher inflation. However,  uncertainty about Brexit, the economy and the next moves all weigh on the pound.  However, the pound’s fall is supporting exports. 3 more weeks of speculation until August 4th?

The housing sector was singled out as  problematic. This is no surprise.

The Bank of England makes its first post-Brexit decision. Governor Mark Carney has sent a message about providing stimulus now as well as in the next meeting  in 3 weeks, when the Inflation Report is out. Markets were split on the odds of a cut to 0.25%, additional QE or nothing at all.

GBP/USD has been moving up, perhaps pricing a no-cut move this time. We also know that the freshly minted Chancellor Phillip Hammond met Carney before the  publication.

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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.