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GBP/USD falls after Bank of England announcement

Arron Morris Currency Broker - GBP/USD falls after Bank of England announcementWritten by
Arron Morris
Senior Currency Broker
T: 01442 892 065

The GBP/USD cross fell nearly a cent after the Bank of England (BoE) interest rate decision and inflation report this afternoon, with the pair falling from $1.2950 to $1.2852.

GBP/USD exchange rate graph

Although the BoE kept interest rates on hold at 0.25%, they cut their growth forecast for 2017 from 2% to 1.9% and also increased the Bank’s inflation forecast to 2.7%.

Governor Mark Carney stated the UK consumers could feel a squeeze as inflation continues to rise and wages fall.

Overall it was not what markets wanted to hear and as a result the pound fell across the board.

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Arron Morris
Senior Currency Broker
T: 01442 892 065

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