BOE Minutes Help UK Pound

The latest minutes from the Bank of England are helping the UK pound today. The minutes seem to indicate that some members of the Monetary Policy Committee are getting nervous about inflation, and some think that could mean that the BOE is ready to take action that could support the sterling.

The minutes to the last Monetary Policy Committee meeting at the Bank of England have been released, and they indicate that a hawkish tone might be creeping in. The minutes indicate that, even though there is still a vote to keep interest rates low, some of those who feel that way are starting to worry about inflation.

With inflationary pressure a new concern, it might be that BOE policymakers decide that it might time soon to begin taking steps that would limit inflation in the economy and, at the same time, strengthen the pound. The minutes contrast with statements made by BOE Governor Mark Carney after the latest meeting, and that is giving some Forex traders pause. However, in general, there are expectations that the sterling will begin strengthening again soon.

At 11:43 GMT GBP/USD is up to 1.5679 from the open at 1.5631. EUR/GBP is down to 0.7995 from the open at 0.8019. GBP/JPY is up to 184.4150 from the open at 182.7660.

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