Pound rises after Bank of England holds interest rates and QE program steady
The Bank of England decided unanimously to keep interest rates at 0.1% and opted by a 7-to-2 margin to hold its quantitative easing program at £200 billion. Two members had pushed for a £100 billion increase, and the U.K. central bank said at the current rate of purchases it will reach the cap by the beginning of July.
The Bank of England said"the timeliest indicators of UK demand have generally stabilised at very low levels in recent weeks, after unprecedented falls during late March and early April," as it forecast CPI inflation to fall below 1% in the next few months. The lack of movement by the Bank of England pushed the pound GBPUSD, +0.42% higher to $1.2367.
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