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Currency Analyst since 2010

GBP: Bank of England's minutes

Bank of England’s meeting minutes:

  • 7-2 in favor of keeping rates unchanged
  • 9-0 in favor of continuing QE

McCafferty and Weale kept calling for an increase in the benchmark rate by 25 bps.

Labor market data:

  • Average earnings rose by 1.4% vs. +1.0% expected.
  • The number of unemployment claims contracted more than expected (by 26.9K vs. 19.8K forecasted)
  • The unemployment rate stayed at 6% (didn’t fall to 5.9%).

The Bank of England claimed that stronger wage growth is needed before the rate hike. There weren’t any unexpected comments. GBP/USD is trading just above 1.5700.

 

 

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