As expected, the BOE kept its interest rate unchanged at 0.25%, in a 7-2 vote, while maintaining the rest of its bond monetization programs in line in a 9-0 vote.
MPC holds #BankRate at 0.25%, maintains government bond purchases at £435bn and corporate bond purchases at £10bn. pic.twitter.com/D1w1kcvgrz
— Bank of England (@bankofengland) September 14, 2017
Submitted by Rajan Dhall of FX Daily
Going into the MPC announcement later on the this morning, no one is expecting any change in policy, nor should they - now or indeed any time soon. We would expect this view to be shared by the broader spectrum of investors, but as we know, the reaction today hinges on whether we get any additions to the hawks that are Messrs McCafferty and Saunders, and this would be enough to send Cable on another rally higher, where would likely see the upper end of what we believe is the current range of 1.2500 to 1.3500.
Global stocks backed off from all time highs, and S&P futures are unchanged ahead of the much anticipated US CPI report, which is expected to break a streak of five consecutive misses, while eyeing disappointing overnight Chinese economic data which missed across the board. European stocks and Asian markets were also modestly in the red, with the relentless global rally to new daily record highs taking a breather amid some concerns China's economy is rolling over, which weighed on commodities including base metals, which in turned dragged down mining stocks.
JP Morgan Chase & Co. CEO Jamie Dimon’s declaration that he would fire any JPM traders whom he knew were trading bitcoin unexpectedly ranked among the most popular stories on several respected financial media websites – despite stiff competition from Apple Inc.’s 10th anniversary product launch.
The brief encounter with a 'recovery' that China's economic data enjoyed in the first half of 2017 has evaporated as the reality of a collapsing credit impulse strikes across the board. Retail Sales, Fixed Asset Investment, and Industrial Production all missed expectations and slowed dramatically.
Tonight's bid China data dump to ignore includes: