UK Holds Benchmark Interest Rate at 0.1%



Bank of England recently announced the latest interest rate decision as the 9 members of Monetary Policy Committee(MPC) agreed unanimously to hold benchmark interest rate at 0.1%.
MPC also voted by a majority of 7:2 to keep bond purchase volume at 6,450 pounds, which was in line with market expectation.The 2 policymakers proposed to add another 100 billion pounds to the current bond purchase scheme.
BOC noted that buying bond with the present speed will make the government reach the upper-limit of the purchase scheme by July.
It‘s estimated that the pandemic will cause a swift decline of British economy which is expected to be temporary, and the economy will slowly revive afterwards.BOC expected Britain’s GDP to shrink 25% in 2020s second quarter, but up by 15% in the whole year of 2021.
Bank of Englands Governor Bailey expects that the impact of the epidemic on economic demand will continue for about a year after lifting the lockdown restrictions. From previous experience,increasing QE is a negative factor for the pound, because issuing more pounds will lead to depreciation of the currency.
GBP/USD daily pivot points: 1.2342---1.2362
S1 1.2286 R1 1.2439
S2 1.2200 R2 1.2505

Latest News
-
AUD/USD Daily Forecast – Test Of Support At 0.7675
WikiFX | Industry 2021/1/18 0:44:16
-
GBP/USD Daily Forecast – British Pound Gains Ground Against U.S. Dollar
WikiFX | Industry 2021/1/18 22:49:26
-
EUR/USD Price Forecast – Euro Bounces From 50 Day EMA.
WikiFX | Industry 2021/1/19 6:34:30
Singapore Dollar
- United Arab Emirates Dirham
- Australia Dollar
- Canadian Dollar
- Swiss Franc
- Chinese Yuan
- Danish Krone
- Euro
- British Pound
- Hong Kong Dollar
- Hungarian Forint
- Japanese Yen
- South Korean Won
- Mexican Peso
- Malaysian Ringgit
- Norwegian Krone
- New Zealand Dollar
- Polish Zloty
- Russian Ruble
- Saudi Arabian Riyal
- Swedish Krona
- Singapore Dollar
- Thai Baht
- Turkish Lira
- United States Dollar
- South African Rand

United States Dollar
- United Arab Emirates Dirham
- Australia Dollar
- Canadian Dollar
- Swiss Franc
- Chinese Yuan
- Danish Krone
- Euro
- British Pound
- Hong Kong Dollar
- Hungarian Forint
- Japanese Yen
- South Korean Won
- Mexican Peso
- Malaysian Ringgit
- Norwegian Krone
- New Zealand Dollar
- Polish Zloty
- Russian Ruble
- Saudi Arabian Riyal
- Swedish Krona
- Singapore Dollar
- Thai Baht
- Turkish Lira
- United States Dollar
- South African Rand
- Amount
- Singapore Dollar
- Available
- -- United States Dollar