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Pound dropped sharply after Bank of England released monetary policy statement, minutes and quarterly inflation report. Pound traded as low as 1.525 against Dollar, currently trading there.
So what aspired the move?
- Bank of England (BOE) kept rates on hold for 80th months at a stretch, however the decision was widely expected. Split was 8-1, McCafferty remains sole dissenter, calling for immediate rate rise of 25 basis points...broadly expected....so can't be the mover.
- Inflation report did the trick. According to latest report, rates can remain at historic lows throughout 2016, without sparking significant inflationary risks. Forecast suggest it might take to the decade till the rate rises to 2%. Moreover it notes that outlook for global growth has weakened since August inflation report.
- Moreover, China reassessed China impact, saying while China accounts for only 3% of UK exports, it might exert its slow down by weighing on other key trading partners. Any rapid slow down might lead to asset price volatility and rise in UK companies' cost of capital. UK owned banks with China exposure might face losses, which would limit their ability to lend to UK economy.
With first rate hike pushed well into the future, Pound's reaction is no surprise.
