The markets muted expectations for this month's BoE rate decision were confirmed as the Bank of England left its 0.50% interest rate on hold and made no change to the Asset Purchase Facility which was last expanded to GBP 200 billion. In the MPC statement the committee declared that the APF would take another two months and would remain under review. The Pound has been weakening of late as traders have been scaling down their interest rate expectations and UK GDP forecasts continue to be weak. Cable and EURGBP showed little volatility on the news, but afterwards Pound weakness set in as traders found little to be bullish about. The resurgent USD has been preying on the GBP of late, pushing it down towards the 1.6100 support level.

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