There are some surprises from the UK: after two members voted constantly for a rate hike, they now switched back to voting with the majority. This was not expected and dovish for the pound. However, the unemployment rate fell more than expected to 5.8% and average earnings rose by 1.7% (+1.8% ex bonuses), also better than predicted. Also the Claimant Count Change for December beat expectations by falling 29.7K, following a revision to 29.6K. GBP/USD is trading lower: falls below 1.51. Weale and McCafferty voted for a rate hike since mid 2014. But now, they dropped their call: plunging oil prices weigh on inflation expectations. The MPC now sees a “roughly even” chance that the inflation rate falls to negative ground at some point in the first half of 2015. They do not see deflation sticking though. A rate rise would increase chances of prolonged low inflation and the MPC is “alert”. Monetary policy could be adjusted when appropriate in order to reach the 2% inflation target, but they do mention that a potential fast increase in incomes could put medium term upside pressure on the CPI. The job figures are quite upbeat, especially the ongoing advance in wages: from 1.4% to 1.7%. The job market is growing at a steady and solid pace. A 5.8% unemployment rate has positive implications for the current government. The UK was expected to report a drop of 24.2K in jobless claims for December, The unemployment rate for November carried expectations for a drop to 5.9% and average earning were expected to rise 1.7%. The meeting minutes were predicted to reveal a 7:2 split against raising the rates. More: GBPUSD has room to the downside – Elliott Wave Analysis Here is how the fall looks on the chart: 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next World Economic Forum discusses the “black swan” event FxPro - Forex Broker 8 years There are some surprises from the UK: after two members voted constantly for a rate hike, they now switched back to voting with the majority. This was not expected and dovish for the pound. However, the unemployment rate fell more than expected to 5.8% and average earnings rose by 1.7% (+1.8% ex bonuses), also better than predicted. Also the Claimant Count Change for December beat expectations by falling 29.7K, following a revision to 29.6K. GBP/USD is trading lower: falls below 1.51. Weale and McCafferty voted for a rate hike since mid 2014. But now, they dropped their call: plunging oil… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.