Breaking: BOE holds rates, GBP/USD soars toward 1.31
The Bank of England has left interest rates unchanged at 0.75%. Seven members voted for the decision while two voted to cut.
This is a hawkish outcome.
GBP/USD is jumping toward 1.31.
-- more to come
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The Bank of England's first decision for 2020 – and the last one for Governor Mark Carney – was a coin flip. While BOE members have opened the door to slashing borrowing costs and several data points badly disappointed, the latest batch of data was encouraging.
Apart from the decision, investors were eyeing the voting pattern with the Monetary Policy Committee and hints about the next moves by the bank, under Andrew Bailey, the incoming leader.
GBP/USD was trading choppily around 1.30 ahead of the publication.