Bank of England last to stand downbeat

21 June, 2019

There are no real surprises that the Bank of England (BoE) left interest rates unchanged at the conclusion of its latest monetary policy meeting today, but the most interesting twist that occurred included the BoE following the lead of the Federal Reserve overnight and the ECB the day prior, by appearing downbeat on the economic outlook.

This results in yet another contrast and twist from a central banker when you consider that BoE Governor Carney, made optimistic comments on the potential for higher interest rates in the United Kingdom just one week ago!

Overall the main action in the FX markets is investors shorting the USD in the aftermath of the Federal Reserve indicating that it is preparing to lower US interest rates. The USD has dropped across the board during trading on Thursday as expected, including against all of the G10, most emerging and Asian currencies with Gold remaining close to a five-year high above $1390.  


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