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December 19, 2007 - Forex Economic News
Forex Fundamentals - BoE minutes spur trade, Pound falls below $2.
Forex trading has been quiet before the holidays. One exception today is the British pound sterling as the minutes of the Bank of England's December meeting were released today. The minutes revealed an unanimous vote(9-0) by its monetary committee to cut its interest rate in December by 0.25 percentage points to 5.5 percent. The BoE unanimous vote showed higher concern for the risks to economic growth over the inflationary risk potential. The BoE release explained that "the Committee thought that the downside risks to the economy and inflation in the medium term from the deterioration in financial market conditions outweighed the potential upside risks to inflation from short-run cost pressures." The release today may fuel speculation that further rate cuts may be ahead for the BoE. Today the pound crossed below the $2 threshold and the GBP/USD currency pair is trading at 1.9960 before noon EST. View the BoE minutes release(pdf).
Tags: Bank of England, BOE, Forex Trade, Interest Rates- ---------------- Blog index
