BOE leave interest rates unchanged
Quote of the day: “Act as if what you do makes a difference. It does”
October 8th: Highlights
- Sterling edges to two week highs
- Markets await BOE decision
- UK industrial production rises
- German exports slump
- NZD/USD remains close to 6 week highs
Sterling Comment
Sterling strengthened against the Euro on yesterday’s open, up 0.83% to 1.3622 by lunchtime. We saw German exports slump, with industrial production falling at the fastest rate in a year, in stark contrast to positive UK data. The Euro has since strengthened, trading in the region of 1.3590.
In the last few moments, the Bank of England has voted 8-1 to leave interest rates unchanged. This means borrowing costs have been stuck at their record low since March 2009.
Global Comment
The EUR/USD pair dipped 0.41% to 1.1221 yesterday with added pressure and concerns being placed on the euro on Wednesday following very worrying German Industrial figures. The pair is now trading around 1.1294.
GBP/AUD lost ground a full cent to lunchtime on Wednesday at 2.1172 as buoyant construction data pointed to a green shoot on fresh orders in Australia at their highest in this sector in a year.
Data on Canadian building permits fell lower than expected, dipping 3.7% to 7.55 billion CAD. Sterling benefitted, with GBP/CAD benefitting a full 0.42% to the positive of 1.9949. The pair is now trading above 2.00
Have a great day!
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