BoE MPC Vote Hike Sees 3 Votes for Hike

The Bank of England’s Monetary Policy Committee (MPC) today released its latest vote count for a rate hike. The actual figure showed 3 members voted for a hike, an increase from the 2 votes recorded in the previous release. No consensus figure was available for comparison.

Measured market reaction 15 minutes after the release showed limited movement across major GBP pairs. EURGBP was up 4.7 pips, while GBPAUD was down 8.9 pips. GBPCAD declined by 11 pips, GBPCHF by 3.7 pips, GBPJPY by 18 pips, GBPNZD by 11 pips, and GBPUSD by 8.6 pips. These movements are generally small when compared to the median 1-hour moves observed after past releases. For example, the median 1-hour move for GBPUSD is 31 pips, and for GBPJPY it is 44 pips.