BOE’s QIR pushes GBP down - TD Securities

FXStreet (Barcelona) - Paul Fage, Senior Emerging Markets Strategist at TD Securities notes that the dovish tone of the BOE’s inflation report were the prime catalyst to push GBP to set new lows for the day.

Key Quotes

“GBP initially received some support from the employment data, having traded down against USD prior to the release. Although the unemployment rate was a bit higher than expected, it was the upside surprise in earnings growth which really caught the market’s eye. However, the dovish tone to the BOE inflation report caused GBP to trade back down to set new lows for the day. GBP is now down –0.35% against USD on the day.”