The British pound continues to receive support - Ester Holdings

The British pound continues to receive support

The publication of the minutes of the meeting of the Bank of England unexpectedly for the market supported the British pound on increasing votes for raising rates. As a result, the votes for raising rates and preservation were distributed as follows: for raising – 2 votes, for preservation – 7 votes. This markedly increased the likelihood of higher rates in the UK in the future.

But at the same time, the very protocol of the Bank of England was very restrained, which confirms the statement that any rate increases will be gradual and limited. Also in the report there was a speech about Brexit, as a key factor of risk, which could affect the UK economy. At the same time, it was noted that US duties will have a minimal impact on the UK economy.

As a result, the British pound received support, but the upward trend could not develop due to overbought across the entire spectrum of the market and the lack of clear drivers for growth. Therefore, the dynamics of the British is more subject to the pressure of correction.

Hanzenko Anton

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