BREAKING: GBP drops after BoE rate decision

Bank of England announced its latest monetary policy decision today at 12:00 pm GMT. Bank was expected to keep rates unchanged at 5.25% for the fifth meeting in a row. There was no surprise and rates were left unchanged. The decision was made with a 8-1 split, with 8 MPC members voting to keep rates unchanged and 1 member voting to cut rates (Dhingra). This is a dovish development, considered that decision at the previous meeting was made with 6-3 split, and it was expected that today's decision will be made with 7-2 split. BoE Governor Bailey said that it is not yet the point to cut rates. Guidance from February's meeting was maintained with statement pointing to policy needed to remain sufficiently high for sufficiently long. BoE said that CPI is expected to fall slightly below 2% in Q2 due to fuel duty freeze.

GBP dropped following the announcement, with GBPUSD reaching a daily low near 1.2725. Pair has recovered part of the losses and is now trading near 50-hour moving average (green line).

Source: xStation5

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