— more to come
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The Bank of England has already convened twice this month for unscheduled decisions, in response to the coronavirus crisis. The first decision was overseen by outgoing governor Mark Carney, and the second one by the current head of the bank, Andrew Bailey.
The BOE slashed rates from 0.75% to 0.10% – the lowest in the BOE’s 300+ year history. It also announced an additional £200 billion pounds in new Quantitative Easing and also launched a lending scheme.
GBP/USD was advancing ahead of the release, flirting with 1.20. Jerome Powell, Chairman of the Federal Reserve, said that the Fed will not run out of ammunition. US jobless claims are eyed.