GBP/USD: UK Official Bank Rate

The British Pound appreciated against the US Dollar, following the UK Official Bank Rate release on Thursday at 11:00 GMT. The GBP/USD exchange currency rate gained 38 pips or 0.29% right after the release. The British Pound continued trading at the 1.3055 level against the US Dollar.

The Bank of England released the Official Bank Rate data that came out in line with expectations of 0.75%. Note, that the UK Monetary Policy Summary and Inflation Report were released at the same time.

According to the official release: "The Committee assume a smooth adjustment to the average of a range of possible outcomes for the United Kingdom's eventual trading relationship with the European Union. They are also conditioned on a path for Bank Rate that rises to around 1% by the end of the forecast period, lower than in the February Report. As with UK financial conditions more generally, that path has been heavily influenced by recent global developments, with forward interest rates in the United States and the euro area falling markedly."