"No member judged that further stimulus was appropriate at present [as] domestically there were increased signs that the recovery was taking hold." This was a statement released earlier today by the Bank of England following the most recent Monetary Policy Committee meeting.
All nine members of the MPC were in agreement and it was decided to hold rates at the current all-time lows and stick to the current level of asset purchases. This was a about turn from the previous month where some MPC members were of the opinion that there was a good argument for altering the current strategy.
The Pound advanced strongly in early trading today as investors reacted as expected to the news that there is now a smaller threat of increased stimulus. The UK economic indicators are showing signs of strengthening.
On Thursday the UK is expected to publish retail sales figures which are likely to cause the Pound to fluctuate during the day’s trading. Economists are expecting that year-on-year sales increased by 3.2% in August following months of stagnant results. If speculation is correct, the Pound could see a further boost in trading on Thursday.
The foreign exchange rate at 16:15 GMT stood at around 1.2000. For bank-beating exchange rates, call the LeaderFX hotline on +34 96 626 5024 (Spain) or +44 (0)115 827 7102 (UK).
Filed under: http://www.theleader.info/article/40682/
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