GBP/USD Trades Steady After BOE Keeps Rates on Hold - Forex News by FX Leaders
GBP/USD Trades Steady After BOE Keeps Rates on Hold

GBP/USD Trades Steady After BOE Keeps Rates on Hold

Posted Friday, January 31, 2020 by
Arslan Butt • 1 min read

On the day of Brexit, the Pound is trading steady against the US dollar after making a gain in the previous session following the BOE’s decision to hold interest rates steady. At the time of writing, GBP/USD is trading at around 1.309.

On Thursday, the BOE MPC voted to keep rates steady even as markets anticipated a possible rate cut announcement on the back of recent weak economic data releases. However, the Bank of England slashed Britain’s economic growth forecasts for this year down to 0.8% this year from 1.3% in 2019, but expects growth to pick up to 1.5% in 2021.

GBP/USD is also holding steady after gaining around 0.5% following the release of a weak GDP report from the US on Thursday. The latest GDP report revealed that the US economy managed to grow at 2.3% in 2019 and by 2.1% in Q4 2019, lower than the 2.9% growth seen in 2018 and well below the 3% target set by the Trump administration.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments