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BoE minutes, US CPI and BoC monetary policy decision the highlights on Wednesday - Investec

FXStreet (Łódź) - Jonathan Pryor, Corporate Treasury Analyst at Investec comments on the three market moving events which took place on Wednesday.

Key Quotes

"Bank of England minutes yesterday showed the MPC voted to hold rates with a 7-2 split at their meeting earlier this month. The committee highlighted the risks emanating from the slowing Eurozone economy, as the Fed did in their minutes, and the Pound duly weakened to just shy of 1.6000 against the US Dollar."

"In the afternoon US CPI inflation came in at 0.1% month on month as expected, keeping inflation under 2% on the year. With inflation running below 2% the Fed will have little urgency to begin their rate hike cycle in the short term."

"We also saw the Bank of Canada remain on hold but drop the neutral bias in their text, flagging greater concern of the risks of elevated house prices and Canadians' debt levels on financial stability. The Canadian Dollar strengthened across the board on the rhetoric change although the rally ground to a halt as the terrible news of the shootings in the capital broke."

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