Market News and Research

GBP/USD: BoE Official Bank Rate
Fri, 04 Aug 2017 06:59:20 GMT
Source: Dukascopy Bank SA
 

During the last month, Britain's officials fuelled expectations that the Central Bank was likely to raise interest rates, though Thursday's reports showed it unchanged, resulting in the immediate fall in the GBP/USD currency pair. The Sterling fell against the US Dollar by 0.44% to be seen trading at 1.3180 as the Bank of England kept its dovish stance. The Central Bank's key rate remained at a record-low level of 0.25% amid anticipations for subdued growth of wages and diminishing forecasts for economic expansion, as companies showed more cautious approach to investments. A weaker Pound, though, could push inflation higher to eventually reach 3% in October. Still, experts saw possibility of a rate hike only along with first signs of sustainable expansion.

Historical Data Table
Date 05.04.2017 04.06.2017 05.06.2017 05.07.2017 03.08.2017
Actual 55.0 55.8 53.8 53.4 53.8
Forecast 53.5 54.6 55.1 53.6 53.6
Initial Reaction on Main Pairs
  Open Price Close Price % Change
GBP/USD 1.3238 1.31803 -0.44%
EUR/GBP 0.89448 0.89823 0.42%
GBP/CAD 1.6678 1.66056 -0.43%
GBP/JPY 146.455 145.742 -0.49%

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