Monday, 12 September 2011

BoE Keeps Main Interest Rate Unchanged, GBP/USD Fluctuates

The British pound against the dollar fluctuated today after the Bank of England kept its main interest rates unchanged yesterday and today's report showed that producer prices fell last month. The pound rose against the yen.

The Bank of England left the official Bank rate at 0.5 percent and purchases of assets by £ 200 billion yesterday. The minutes of the monetary policy meeting is scheduled to be released on September 21. The entrance to the Producer Price Index fell 1.9 percent in August from July. The output of the PPI increased at a slower pace in August - up 0.1 percent, compared with growth in July - 0.3 percent.

GBP/USD traded near its opening price of 1.5958 as of 12:06 GMT today, following the drop to 1.5893. GBP/JPY rose from 123.63 to 124.13.

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