BoE vote boosts the Pound

Yesterday’s markets

17th March 2017

  • JPY - BOJ Press Conference
  • GBP - MPC Official Bank Rate Votes: 1-0-8
  • USD - Building Permits: 1.21M
  • USD - Unemployment Claims: 241K

The Pound came under the spotlight yesterday as the MPC gathered to decide on interest rates. Unsurprisingly, the Bank of England kept rates at record lows of 0.25% with the asset purchase facility remaining constant at £435 billion. However, the Pound rallied after the news, breaking through a key psychological level as the voting revealed a split. The bank rate vote changed from last month’s unanimous 9-0 to 8-1, with member Kristen Forbes voting for a rate hike.

Across the pond, the US released a raft of high tier data. Data in the States has been released an hour early, and will continue to be, until the end of the month when the clocks go forward in the UK. Nonetheless, the Philly Fed manufacturing index and jobless claims in the States both beat expectations with 32.8 and 241k respectively. 

Today’s markets

16th March 2017

  • GBP - BOE Quarterly Bulletin 
  • CAD - Manufacturing Sales m/m
  • USD - Prelim UoM Consumer Sentiment 

The last day of a packed week closes with little to no data being released.  The only data will come from the US as the monthly Industrial Production is set to show a slight increase in activity for February. Shortly after, the first reading of the University of Michigan Consumer Sentiment gauge is due to also show a more positive figure.