British Pound Rose After BoE’s Rate Decision

Forex News

As expected, the Bank of England left the interest rate unchanged at 0.25%. The Bank of England also maintained the bond purchase program at 435B pound ($554.3 billion) and the volume of purchase of corporate bonds at the level of 10B pound.

This decision of the Bank of England caused the pound’s growth against the US dollar and the euro. The British pound rose by 0.3% against the US dollar, and traded at $1.2795. Prior to the release of the Bank of England's decision, the pound was trading at $1.2697.

The US Federal Reserve raised the interest rate to 1.00% -1.25% on Wednesday. The US Central Bank also revised its forecast for GDP growth to + 2.2%. The long-run unemployment rate was revised down, by one-tenth, to 4.6%.