At the time of writing the pair is currently trading at around $1.7550.
Pound (GBP) Muted as Bank of England Holds Interest Rates
The Pound was muted against the Canadian Dollar today following on from Thursday’s Bank of England (BoE) February policy decision.
As expected, the bank left rates unchanged at 0.1% and lowered its 2021 Q1 growth forecasts.
The more upbeat news for investors, however, was the downplaying of potential negative interest rates. Although banks were told to prepare for the possibility of negative rates within six months, the BoE clarified they were not imminent.
There was positive coronavirus news coming from the UK, as the R value has fallen to 0.7-1 across the country.
December 17, 2020 - Written by John Cameron
GBP/AUD Exchange Rate Rangebound as Brexit Talks Make ‘Good Progress’, according to EU
The Pound to Australian Dollar (GBP/AUD) exchange rate continues to trend higher today after the Bank of England (BoE) held interest rates at 0.1% despite an uncertain economic outlook.
At the time of writing the GBP/AUD exchange rate is currently fluctuating around AU$1.784.
The BoE’s Monetary Policy Committee (MPC) said in the report:
‘The outlook for the economy remains unusually uncertain. It depends on the evolution of the pandemic and measures taken to protect public health, as well as the nature of, and transition to, the new trading arrangements between the European Union and the United Kingdom.’