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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

Chart:

[do action=”tradingviews” pair=”GBPUSD” interval=”60″/]