Bank of England keeps interest rates unchanged and the Pound rises
2019-02-07 01:05 pm | Resource: NEWS | No Views : 74
Bank of England decided on Thursday to keep interest rates unchanged. The MPC reached a unanimous decision to keep its benchmark interest rate at 0.75% in an attempt to meet the inflation target of 2%.
Carney: British economy is not ready to go out without agreement
Bank of England Governor Mark Carney said Thursday that the British economy is not yet ready for Britain to leave the European Union. As the UK partnership with the EU in the future remains unclear, the prospect of Britain leaving the EU causes short-term fluctuations and business tensions.
Carney said rising risk factors for the UK economy included growing trade tensions, slower financial conditions and slower global economic growth. The Bank of England cut its 2019 GDP growth forecast by 0.5 percentage points, Carney said. He added that inflation will slow further in the near term to below the target because of falling oil prices, while investment in business and the economy will slow in the near term before stabilizing.
In terms of global growth, is expected to stabilize later this year, after the continued slowdown, the central banker noted.
Carney: The financial system is ready for any of the exit scenarios of Britain
Asked whether he expects the bricast talks to wire, and what the cost will ultimately be, Bank of England Governor Mark Carney confirmed the conclusion of the Fiscal Policy Committee, saying the core of the financial system was ready for "any form of exit."
However, he said, the most likely scenario would be "sort of smooth transition arrangement." Notice now that we do not know how this transformation will look. Addressing a news conference, he said families and companies increasingly take into account the uncertainty about Britain's exit from the EU, one of the main reasons why the Bank of England's growth rate for 2019 has been "substantially reduced".
The Pound widens its losses after Bank of England decision
The British pound offset some of its losses against the dollar on Thursday after the Bank of England decided to keep interest rates at 0.75% and Bank of England Governor Mark Carney warned that the country's economy was not ready for Britain to exit the EU.
Earlier in the day, the pound hit a two-week low after the worse-than-expected housing price data.
Time frame Used - four hours The USD/JPY is moving in a sideway direction in the near term. The USD/JPY is still facing resistance and selling pressure around levels of 111.42 - 110.92 as the USD/JPY is floating in a narrow range and the USD/JPY is moving above the Bollinger's moving average line within the narrow range, indicating a potential price explosion but Not yet determined in any direction. In…
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