Pound Stronger as Bank of England Makes No Move

The Great Britain pound was stronger today after the Bank of England performed no action during its monetary policy meeting. While the sterling did not manage to rise against all major peers, it gained on the safe currencies — the US dollar and the Japanese yen.
As was expected, the BoE did not change monetary policy, announcing today:

The Bank of England’s Monetary Policy Committee at its meeting today voted to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.

Unlike most other central bank, the BoE does not released extensive policy statement after its meetings. It means that the Inflation Report released next week will be especially interesting for traders as it should allow them to better understand reasons for the central bank’s actions (or the lack thereof).
GBP/USD rose from 1.5179 to 1.5244 and GBP/JPY ticked up from 177.99 to 178.91 as of 12:43 GMT today.

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