Pound Drops as BoE Minutes Show Unanimous Vote

The Great Britain pound sank today after the Bank of England released minutes of its latest policy meeting, revealing that voting for stable interest rates was unanimous.

The BoE minutes demonstrated that all of the Monetary Policy Committee members were voting in favor of keeping monetary policy unchanged. It was considered to be bad news, as previously two of the MPC members were voting for raising interest rates. With those members joining doves now, prospects for a rate hike diminished, and this is very unfavorable to the sterling.

GBP/USD dipped from 1.5142 to 1.5117 as of 14:48 GMT today. EUR/GBP jumped from 0.7621 to 0.7710 (1 percent).

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