80
Currency Analyst since 2010

Bank of England released June minutes

According to the minutes of Monetary Policy Committee’s June meeting, all 9 members of MPC voted to keep the benchmark interest rate unchanged at 0.5%. The decision to keep the amount of QE program at 375B pounds wasn’t unanimous. As in the previous months, 3 members called for increase in monetary stimulus.

Some important points:

-          UK economic developments in past month were generally positive in line with May inflation report.

-          Inflation is likely to hit 3% during the summer and remain close to that until autumn.

-          Low wage inflation suggests more benign domestic cost pressures in short-term.

GBP/USD is trading on the downside, not far from $1.5600.

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