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Bank of England keeps interest rates at 0.5%

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The Bank of England MPC has just announced (12.00pm London) that they have as expected left interest rates and asset purchases unchanged.

Current base interest rate:  0.5%

Asset purchases (QE): £375bn

The minutes for today’s MPC meeting will be released on Wednesday 21 2015. Traders will be eager to see if there has been a change in the committees voting split (previously 7 -2) and to disseminate the discussion, to see if factors like the fall in crude prices, and instability in Russia were mentioned.

GBPUSD has been in a downward trend since July 2014 (1.7050), and look sets to trade below the  psychological 1.50 level in the near term, the move has been driven by USD strength.