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Overnight the Bank of England announced UK interest rates will remain at 0.5 percent for the 7th consecutive month. Although leading data shows solid signs the local economy is heading back into the black, the bank also indicated the continuance of the quantitative easing program of which GBP175b will be pumped into the economy, with the remaining GBP50b to be completed in the next month. In the volatile minutes after the decision, the pound lost ground against the USD as investors second guessed just how slow and protracted the recovery will be.
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