GBP/USD: UK Monetary Policy Summary

The British Pound appreciated against the US Dollar, following the UK Monetary Policy data release on Thursday at 11:00 GMT. The GBP/USD exchange currency rate gained 11 pips or 0.09% right after the release. The British Pound continued trading at the 1.1245 level against the US Dollar.

The Bank of England released the UK Official Bank Rate data, which came out in line with the expectations of 0.75%.

According to the official release: "For most of the period following the EU referendum, the degree of slack in the UK economy has been falling and global growth has been relatively strong.  Recently, however, entrenched Brexit uncertainties and slower global growth have led to the re-emergence of a margin of excess supply. Increased uncertainty about the nature of EU withdrawal means that the economy could follow a wide range of paths over coming years. The appropriate response of monetary policy will depend on the balance of the effects of Brexit on demand, supply and the sterling exchange rate."