The British Pound traded sideways against the US Dollar, following the BoE Monetary policy Summary release on Thursday at 12:30 GMT. The GBP/USD exchange currency rate gained 6 pips or 0.05% after the release. The Pound continued trading at the 1.1720 level against the Greenback after the release.
The Bank of England decided to cut the Official Bank Rate to 0.10% at an unscheduled emergency meeting.
According to the official release: "The spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary. Therefore, the Monetary Policy Committee voted unanimously to increase the Bank of England's holdings of UK government bonds and sterling non-financial investment-grade corporate bonds by £200 billion to a total of £645 billion, financed by the issuance of central bank reserves, and to reduce Bank Rate by 15 basis points to 0.1%."
| Date | 07.11.19 | 19.12.19 | 30.01.20 | 11.03.20 | 19.03.20 |
|---|---|---|---|---|---|
| Actual | 0.75% | 0.75% | 0.75% | 0.25% | 0.10% |
| Forecast | 0.75% | 0.75% | 0.75% | - | - |
| Pair | Open | Close | Change |
|---|---|---|---|
| EUR/GBP | 0.92549 | 0.92557 | 0.01% |
| GBP/CAD | 1.68744 | 1.6884 | 0.06% |
| GBP/JPY | 128.18400 | 128.151 | -0.03% |
| GBP/USD | 1.1667 | 1.16676 | 0.01% |
| Pair | Longs | Shorts |
|---|---|---|
| EUR/GBP | 28.4% | 71.6% |
| GBP/CAD | 40.2% | 59.8% |
| GBP/JPY | 74.9% | 25.1% |
| GBP/USD | 64.9% | 35.1% |
Economic calendar