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The Bank of England voted unanimously today to keep the Bank rate at 0.1 percent, which is a record low. The central bank, on the other hand, voted 8-1 to keep the asset purchase program at 895 billion pounds, with 875 billion pounds in government bonds.
Asset purchases will be slowed so that the project can be completed by the end of the year, according to policymakers. It arrives earlier than anticipated. The staff updated the unemployment rate forecast lower and upgraded GDP growth figures in terms of the economy. On Thursday, the Bank of England revealed that it now expects the UK Gross Domestic Product to grow by 7.5 percent in 2021, up from 5% in its February forecast.
The GBP/USD pair bounced 85 pips after the Bank of England issued its monetary policy statement, correcting a fall to 1.3855. The MPC of the Bank of England voted unanimously to keep the benchmark interest rate at 0.10 percent and the Asset Purchase Facility at £875 billion, as anticipated. The decision was anticipated, but the lack of clarity on future tapering plans weighed heavily on the British pound.
GBP/USD Recovers From Recent Low, Supported by Weaker US Dollar
The GBP/USD fell to a low of 1.3860, where it gained support and surged to 1.3900. While the market is still in the red for the day, the downward trend is easing as the US dollar continues to weaken across the board.
The pound was one of the worst performers in Thursday’s markets, which were influenced by the Bank of England session. The central bank kept its monetary policy intact, as predicted, and announced a reduction in weekly purchases that “should not be perceived as a shift in monetary policy stance.”
The dollar’s depreciation is expected to last at least another three months. The dollar index (DXY) – calculated against a basket of six major currencies – dropped more than 2% in April, its worst result in four months, after rising nearly 4% in the first quarter, its best start in years.
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