In a series of key announcements today, the Bank of England (BoE) has kept interest rates the same today, still at its record low rate.
In good news for the UK economy, the BoE stated that the latest economic figures are painting a “slightly stronger picture” than they thought.
Gross Domestic Product (GDP) has, as anticipated, risen in the second quarter of the year, and the UK unemployment rate is still falling.
In addition, the Monetary Policy Committee has stated that interest rates may increase at a faster rate than expected, requiring some monetary policy tightening “in the coming months”. This was the hint that the BoE will amend their quantitative easing (QE) programme that the markets were looking for.
The Pound has bounced upwards on this news, rising up to around $1.33 against US Dollar and €1.12 against the Euro at the time of writing.
If you have a requirement to exchange Sterling now or in the coming days, get in touch today to discuss how you can benefit from today’s economic news.
For more information, infographics and the latest currency insights, visit www.halofinancial.com/news
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