Bank of England increased rates

Bank of England increased rates

The Bank of England (BoE) raised the benchmark interest rate for the first time in more than 10 years. Out of 9 members of the central bank’s Monetary Policy Committee (MPC) voted 7-2 to increase its benchmark Bank Rate from 0.25% to 0.50%. The market was ready to such action of the regulator, so the decision of the BoE didn’t come as surprise.

At the same time, traders considered the following comments dovish. According to the regulator, further increases over the next three years will be only “very gradual” and to a limited “extent”.

The BoE Governor Mark Carney said that the biggest factor driving moves in interest rates from now will likely be the outcome of Brexit talks.

GBP/USD fell from the levels around 1.3300 to the 1.3100 area.

gbp

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