|01-08-2015, 11:18 PM||#1|
Sterling pound little changed after BoE holds
The Bank of England (BoE) announced keeping interest rates unchanged at 0.50% and installed the asset purchase program at 375 billion pounds, while the sterling pound capped its daily losses against the dollar and settled around $1,5050.
The slowdown in economic activity signaled that the BoE is likely to keep rates on hold for most of 2015, especially that inflation rates in the United Kingdom remained at 1% below the BoE inflation target 2%.
The interest rate hike decision in the United Kingdom will depend on many factors; the most important is the stability of global economy performance and future inflation forecasts.
Expectations indicate that the mentioned factors will prevent the BoE to raise interest rates by the end of 2015, at a time when British economic circles expect to raise interest rates by 0.25% in 2015.
The impact of oil prices decline on inflation affects the aforementioned forecasts, as BoE Governor Mark Carney had stressed that point recently.
The decline in global oil prices below $50 a barrel, and expectations to reach $40 a barrel during 2015, will be the biggest obstacle in front of raising inflation rates to the 2% target in the United Kingdom.
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