GBP/USD Erases Losses After BOE Minutes

4:08 AM // 0 comments // Nak Pya Yam // Category: Great Britain Pound

The Great Britain pound erased losses against the US dollar after the minutes of the central bank’s policy meeting showed that most policy makers voted against increasing size of bond purchases.


The minutes of Monetary Policy Committee meeting showed that eight members voted for maintaining current size of asset purchases program, while one member vote for an increase by £50 billion. Seven policy makers voted for maintaining the main interest rate at 0.5 percent, while two preferred to increase the rate by 25 basis points. The pound reacted favorably to the news at first, but currently tends to weaken.

GBP/USD traded at 1.6129 as of 10:20 GMT after dropping earlier from 1.6121 to 1.6067.

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