BoE has increased interest rates higher than the predicted 0.25% increase, following the increase in British inflation and wages since its last meeting in May. The move, which is its biggest rate increase since February and takes the rate to its highest since 2008, was decided by a 7-2 vote by the Monetary Policy Committee
Sterling is surprisingly soft this week even though markets are raising bets on a more aggressive than expected BoE rate hike, after yesterday's UK CPI data. It's clearly weighed down in selloff against the stronger Euro. Swiss Franc is comparatively steady as SNB rate decision is also awaited. Overall, currency markets appear more attuned to a shift away from risk-on sentiment, evidenced by a notable decline in Australian and New Zealand Dollar. US Dollar and Japanese Yen, however, are displaying a mixed performance.
(Alliance News) - Stocks in London closed firmly in the red on Thursday after the Bank of England surprised with a chunkier-than-expected 50 basis point interest rate hike.
(Alliance News) - The Bank of England continued its hiking cycle on Thursday and acted more aggressively than some expected, by lifting UK interest rates by 50 basis points.
The BoE s hike took the benchmark bank rate to 5.00% from 4.50% previously. The.