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Money Transfer News - UK Pound Sterling makes Recovery
Published: 21 Aug at 3 PM Tags: Pound Sterling, Euro Exchange Rate, Currency Exchange, Euro Crisis, UK, Economy, Inflation,
The Pound made a recovery of sorts in yesterday’s foreign exchange markets after the sharp falls suffered on Tuesday after the publication of the minutes of the last Bank of England (BoE) Monetary Policy Committee (MPC) meeting from the beginning of the month sprung a surprise. The minutes showed that the nine member MPC voted 7-2 in favour of keeping rates unchanged, contrary to the widely held expectation of a unanimous decision.
This is the first time since Mark Carney took over as Governor of the BoE in 2013 that there has been a split vote on the MPC.
Of interest, the vote was taken ahead of yesterday’s publication of the latest UK inflation data which showed inflation running at much lower rates than had been expected by most analysts, dashing expectations of any imminent rise in UK interest rates this year. The majority of analysts still see February 2015 as the most likely date for a first rate increase in the UK since the credit crunch of 2008.
Meanwhile, the Office for National Statistics (ONS) reported yesterday that there are now 4.6 million people self-employed in the UK, the highest over the past 40 years and fully 15% of the UK workforce.
The report shows that London has the highest concentration of self-employment with 17.3% of working Londoners now self-employed. Overall, the UK has the third largest percentage rise in self-employment in the European Union since 2009.
Last night, the US Federal Reserve published the minutes of its last meeting. Like the BoE, there was dissent in the ranks with a more hawkish view than had been expected by analysts.
Like the BoE, the Federal Open Market Committee minutes showed that its committee members are becoming increasingly divided over policy with a growing minority calling for a "relatively prompt" interest rate hike.
The latest minutes show that some members believe that the recent strengthening of the US economy, particularly on the jobs and inflation fronts, was already "sufficient to call for a relatively prompt move toward reducing policy accommodation" in order to avoid overshooting the committee's unemployment and inflation goals.
This is the first time since Mark Carney took over as Governor of the BoE in 2013 that there has been a split vote on the MPC.
Of interest, the vote was taken ahead of yesterday’s publication of the latest UK inflation data which showed inflation running at much lower rates than had been expected by most analysts, dashing expectations of any imminent rise in UK interest rates this year. The majority of analysts still see February 2015 as the most likely date for a first rate increase in the UK since the credit crunch of 2008.
Meanwhile, the Office for National Statistics (ONS) reported yesterday that there are now 4.6 million people self-employed in the UK, the highest over the past 40 years and fully 15% of the UK workforce.
The report shows that London has the highest concentration of self-employment with 17.3% of working Londoners now self-employed. Overall, the UK has the third largest percentage rise in self-employment in the European Union since 2009.
Last night, the US Federal Reserve published the minutes of its last meeting. Like the BoE, there was dissent in the ranks with a more hawkish view than had been expected by analysts.
Like the BoE, the Federal Open Market Committee minutes showed that its committee members are becoming increasingly divided over policy with a growing minority calling for a "relatively prompt" interest rate hike.
The latest minutes show that some members believe that the recent strengthening of the US economy, particularly on the jobs and inflation fronts, was already "sufficient to call for a relatively prompt move toward reducing policy accommodation" in order to avoid overshooting the committee's unemployment and inflation goals.
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Source: moneytransfer.co.uk