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Market Overview
Pound Rises on BoE positive calls
The British Pound posts gains after the meeting of Bank of England (BoE) outlined positive economic developments in the UK. The Pound rose above 1.3080 against the US Dollar immediately after the decision and it continues to rise.
"The most recent indicators suggest that global growth has stabilised, reflecting the partial easing of trade tensions and the significant loosening of monetary policy by many central banks over the past year. Global business confidence and other manufacturing indicators have generally picked up," the bank said in a statement adding that domestically "business activity have picked up, quite markedly in some cases, and investment intentions appear to have recovered". The BoE will closely monitor those developments in domestic activity over the coming months.
Moreover, the monetary policymaker has an inflation target of 2% by the end of 2021, after a decline to 1.3% in the third quarter of 2019.
The BoE mentioned that "some modest tightening" of the monetary policy might be needed if growth picks up, however, it no longer pointed to the fact that such tightening would be "limited and gradual".
The decisions made by the BoE always have a strong effect on the British Pound. Technically speaking, the decision and the message provided by BoE may lead to a further strengthening of the Cable towards resistance level of 1.3150.
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