Market Data 
BoE’s Chief Economist, Huw Pill, was on the wires on Friday. Pill aligned with the majority of the BoE’s MPC on Thursday in maintaining interest rates at 5.25%. However, he expressed afterward an increasing conviction that the time for rate cuts would soon arrive.
Key Takeaways
We must focus on persistent components of inflation, not headline rate.
MPC has sent a relatively clear signal that bank rate can be cut when there is sufficient evidence of a downward path in persistent components of inflation.
Focusing just on the next boe meeting is a little ill advised.
BOEs medium-term inflation forecasts don’t necessarily give a signal on rate moves at the next meeting or the one after.
Market Reaction
GBP/USD clings to daily gains amidst the broad-based flat mood in the FX galaxy, although the earlier advance appears to have met a decent hurdle near the 200-day SMA around 1.2540.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | 0.04% | -0.17% | -0.02% | -0.21% | -0.35% | -0.14% | |
| EUR | 0.02% | 0.06% | -0.17% | -0.02% | -0.18% | -0.34% | -0.11% | |
| GBP | -0.04% | -0.06% | -0.21% | -0.07% | -0.23% | -0.37% | -0.16% | |
| JPY | 0.17% | 0.17% | 0.21% | 0.06% | -0.08% | -0.19% | 0.02% | |
| CAD | 0.02% | 0.02% | 0.07% | -0.06% | -0.18% | -0.31% | -0.12% | |
| AUD | 0.21% | 0.18% | 0.23% | 0.08% | 0.18% | -0.13% | 0.05% | |
| NZD | 0.35% | 0.34% | 0.37% | 0.19% | 0.31% | 0.13% | 0.21% | |
| CHF | 0.14% | 0.11% | 0.16% | -0.02% | 0.12% | -0.05% | -0.21% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
