Bank Of England Holds Interest Rates at 0.5%
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The Bank of England's Monetary Policy Committee (MPC) held bank interest rates at 0.5 percent, a nine month historic low.
The MPC committee also agreed not to increase the amount of money it is pumping into the economy under its Quantitative Easing (QE) program, leaving it at 200 billion pounds.
“The Committee expects the announced program to take another two months to complete. The scale of the program will be kept under review.”
The GBP/USD currency pair traded sideways similar to yesterday even after the BOE announcement at mid-day. The currency pair is trading within a wedge formation with higher lows and lower highs, a break of either side is a possibility.
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