{"id":72460,"date":"2021-02-09T09:21:44","date_gmt":"2021-02-09T09:21:44","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72460"},"modified":"2021-02-09T09:21:45","modified_gmt":"2021-02-09T09:21:45","slug":"sterling-jumps-following-boes-decision-to-hold-interest-rates","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/sterling-jumps-following-boes-decision-to-hold-interest-rates\/","title":{"rendered":"Sterling jumps following BoE\u2019s decision to hold interest rates"},"content":{"rendered":"\n

The pound rebounded this afternoon as the Bank of England announced it would leave interest rates unchanged.<\/p>\n\n\n\n

The currency saw its biggest fall in three weeks this morning as traders nervously waited to see whether the BoE would formally endorse negative interest rates.<\/p>\n\n\n\n

The Prudential Regulation Authority\u2019s analysis found the UK would need six months to prepare for negative rates as anything sooner would risk incurring \u201cincreased operational risks\u201d.<\/p>\n\n\n\n

The bank\u2019s Monetary Policy Committee (MPC) unanimously voted to keep rates at 0.1 per cent and its bond-buying programme at \u00a3895bn.<\/p>\n\n\n\n

Sterling welcomed the central bank stepping back and returned cable to $1.367 while two-year yields jumped from 0.1 per cent to 0.05 per cent.<\/p>\n\n\n\n

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Against the euro it moved from a 0.2 per cent decline to a 0.6 per cent rise to reach a nine-month high of \u20ac1.141.<\/p>\n\n\n\n

\u201cThis was primarily because traders know that negative interest rates are not going to become a reality,\u201d Naeem Aslam, Ava Trade\u2019s chief market analyst. \u201cThis particular fact was holding Sterling from further appreciation. Now, it is pretty much clear that negative interest rates are not going to come into daylight. Hence the path of the least resistance for the Sterling is skewed to the upside.\u201d<\/p>\n\n\n\n

But the bank did not rule out negative rates entirely, hinting they could be used in the future should conditions warrant them.<\/p>\n\n\n\n

In a statement the BoE said it was expecting a rapid recovery in GDP towards pre-pandemic levels in 2021, led by the UK\u2019s vaccination programme. However it cautioned the outlook for the year remains \u201cunusually uncertain\u201d.<\/p>\n\n\n\n

\u201cIt depends on the evolution of the pandemic, measures taken to protect public health, and how households, businesses and financial markets respond to these developments\u201d, the nine-strong MPC added.<\/p>\n\n\n\n

By Angharad Carrick<\/em><\/p>\n\n\n\n

Source: City AM<\/a><\/p>\n\n\n\n

Discover our Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The pound rebounded this afternoon as the Bank of England announced it would leave interest rates unchanged. The currency saw its biggest fall in three weeks this morning as traders nervously waited to see whether the BoE would formally endorse negative interest rates. 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