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GBP Jumps on Bank of England (BoE) Surprise

15 June 2017 by FC Exchange

Markets were taken by surprise on Thursday causing the pound sterling (GBP) exchange rate to jump against other currency majors. Investors had expected a dovish Bank of England (BoE) rate decision which would have likely left the pound relatively unchanged. However, the Monetary Policy Committee (MPC) instead voted 5-3 to keep rates on hold showing that three policymakers had become more hawkish in their stance.

The BoE meeting minutes stated: ‘Regarding Bank Rate, five members of the Committee (the Governor, Ben Broadbent, Jon Cunliffe, Andrew Haldane and Gertjan Vlieghe) voted in favour of the proposition. Three members (Kristin Forbes, Ian McCafferty and Michael Saunders) voted against the proposition, preferring to increase Bank Rate by 25 basis points.’

As a result, the GBP/EUR exchange rate hit a daily high of 1.1463, while the GBP/USD exchange rate reached levels of 1.2795.

Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.

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