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Bank of England proves interest rate and sterling rises

2018-11-01 01:08 pm | Resource: News | No Views : 74



 The Bank of England (BoE) on Thursday decided to keep interest rates unchanged. The Monetary Policy Committee (MPC) reached a unanimous decision to keep the interest rate at 0.75%. The British pound rose to a one-week high against the dollar after the Bank of England announced its decision to keep interest rates unchanged.

The British pound is climbing to its highest level in a week after the Bank of England kept interest rates

The pound hit a session high of 1.2934 shortly after the Bank of England announced that it had voted unanimously to keep the interest rate at 0.75% and maintain the bond purchase balance from non-financial investment companies worth £ 10 billion.

Sterling jumped 1.22% against the US currency to sell at 1.2920 at 1:33 CET and rose 1.12% against the Japanese yen to 145.758 at 1:34 pm CET. The euro fell 0.44% against the British currency to hit 0.8823 at 1:34 CET.

The most prominent statements by Mark Carney

"The UK does not agree with any agreement," Bank of England Governor Mark Carney said on Thursday after policymakers decided to keep interest rates unchanged.

Britain's exit from the European Union is not the most likely scenario, "he told reporters. If the UK were to leave the bloc without a deal, there would be no automatic response to monetary policy because of "extreme strangeness," he said. A set of TLC conditions. "In such a scenario, he said he would make a" big and very fast "strike for supply, but added that he expected a recovery in demand after Britain pulled out of the EU.

Earlier, the Bank of England kept record interest rates unchanged in the unanimous vote after the rates of walking earlier in the August meeting. In its summary, the bank noted that monetary policy should be adjusted in line with the outcome of the negotiations with Brussels on the departure of Britain from the European Union.


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USD/JPY Technical analysis 16 November 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term. The USDJPY managed to control movement  the USDJPY to break the support level around the 113.58 level  down to hit the 113.07 level forming a positive candlestick pattern to bounce back above to test the 113.58 level especially after the release of the US Retail Sales report which showed growth and a…

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