Forex: Bank of England minutes weakens the Sterling

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Today at 9:30GMT the minutes of the Bank of England’s interest rates decision were published two weeks after the decision was made. A split decision of 6 in favor of keeping the interest rates steady as opposed to the 3 who were against it was announced. Following the announcement the sterling made significant losses. Against the dollar the pair the sterling lost a near 40 pips to drop to a session low 1.6283. Similarly against the Euro it lost 22 pips with the EURUSD pair reaching a high of 0.8710.

Usually the results of the BoE votes are likely to affect the movement of the currency depending on how hawkish the BoE views the economy. The EURGBP is currently trading at 0.8713 while the GBPUSD at 1.6300.