EUR/GBP ticks up to 0.8680 after BoE’s decision, remains in range

The Euro bounced up from session lows at 0.8665 following the BoE's monetary policy decision.
The Bank of England left interest rates on hold at 4% with two MPC members voting for a rate cut.
EUR/GBP remains trading within a narrow range below Tuesday's high, at the 0.8700 area.

Guillermo Alcala FXStreet

The Euro edged higher after the Bank of England confirmed market expectations and stood pat on interest rates. The pair bounced up from session lows, at the 0.8665 area, to 0,8680 but remains looking for direction within Wednesday’s trading range.

The Bank of England left its Repo Rate unchanged at 4%, as widely expected, after having trimmed it by 25 basis points in July. Within the committee, seven policymakers voted for the status quo, up from five in July, and two leaned for a further rate cut, down from 5 in July.

The bank’s statement highlights the 3.8% yearly inflation and the subdued underlying GDP growth, pointing to a gradual and careful approach to further monetary easing, leaving all chances open for the November 16 meeting.

Investors’ reaction to the news has been muted so far. With both currencies appreciating against the US Dollar, the EUR USD remains treading water within a narrow range above 0.8660, not far from the two-week high, at 0.8700 hit on Tuesday.

Economic Indicator

BoE Interest Rate Decision

The Bank of England (BoE) announces its interest rate decision at the end of its eight scheduled meetings per year. If the BoE is hawkish about the inflationary outlook of the economy and raises interest rates it is usually bullish for the Pound Sterling (GBP). Likewise, if the BoE adopts a dovish view on the UK economy and keeps interest rates unchanged, or cuts them, it is seen as bearish for GBP.

Economic Indicator

BoE MPC Vote Rate Cut

Interest rates are set by the Bank of England’s (BoE) Monetary Policy Committee (MPC). The MPC sets an interest rate it judges will enable the BoE’s inflation target to be met. It is comprised of nine members – the Governor, the three Deputy Governors, the Bank's Chief Economist and four external members appointed directly by the Chancellor. Investors look at each member’s vote in order to seek cues over how unanimous was the decision on interest rates.

GBP/USD advaces beyond 1.3450 after BoE decision, US Q2 GDP

GBP/USD gains positive momentum on Thursday, surpassing 1.3450 and trading at fresh multi-week highs. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helped the pair advance, while renewed US Dollar weakness across the FX board pushed the pair further up ahead of the monthly close.

EUR/USD confortable around 1.1530, highest in six weeks

The EUR/USD pair trades around 1.1530 in the American session on Thursday, reaching fresh six-week highs. The US Dollar is in sell-off mode, with multiple factors weighing on the American currency. Not only did the Federal Reserve vote divided to keep rates on hold on Wednesday, creating doubts about a September hike, but US Q2 GDP missed expectations. A suspected JPY intervention adds pressure on the Greenback.

Gold sellers keep lurking above $4,100 as USD rebounds

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Why is IDR near historic lows despite Bank Indonesia's 5.75% rate?

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9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.