The Bank of England keeps monetary policy unchanged with a hawkish twist

The Bank of England rate-setting Monetary Policy Committee decided to hold the Bank rate unchanged at 0.50% in June in a 6-3 vote pattern.
The Bank of England also decided to keep the asset purchasing program unchanged at £435 billion in June.

Dhwani Mehta FXStreet

The Bank of England decided to keep the Bank rate and the asset purchasing program unchanged at 0.50% and £435 billion respectively in June.

Headline inflation remained unchanged at 2.4% in May with core inflation at 2.1% y/y, but the UK labor market saw strong job creation indicating that the first-quarter GDP slowdown was potentially a temporary blip.

Wage growth in the UK remains muted dwelling below 3.0% y/y with real wages barely positive.

The hawkish twist in the monetary policy statement or hawkish turn in the voting pattern is expected to support GBP/USD that fell almost 12 big figures since Apri 17 this year.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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