Market update 19/12/19

Market update 19/12/19

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Pound erratic as Bank of England holds interest rates

Sterling has reacted to the Bank of England's decision to hold interest rates heading into the New Year. Investors had expected this move, voted by a majority of 7-2 to leave the rate at 0.75% in December, however slight concerns over an early 2020 rate cut appear to have been put to bed. As a result, the pound initially rose against the euro and US dollar on the news, before sliding backwards later in the day.

This decision leaves GBP/EUR over 1.17 today, having climbed from 1.11 in October. Investors are now looking ahead to tomorrow’s vote on PM Boris Johnson’s Brexit deal, which is expected to pass, while continued uncertainty over the US-China trade war could spell further uncertainty over the BoE’s next rate decision. 

 

 

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