Markets  |  February 26, 2013 12:40:00

GBP / USD and monetary policy

Paul Tucker deputy governor of the central bank of Great Britain (BoE) said today that it is ready to negotiate an increase in the volume of bond purchase. His decision, however, conditional on the further development of high inflation (2.7 percent), which currently plague the British. He added that the current volume of the stimulus is sufficient, and expects significant manifestation of this program this year.
United Kingdom for the time being pumped into the economy L 375 billion. In February, the Board has voted to increase the monetary easing. Tucker, however, was one of the members who voted against it. Markets in voting surprised himself governor Mervyn King, who supported the stimulus increases. The final vote resulted in the ratio of 6-3 against further increase.

Tucker also admitted that the effectiveness of the current stimulus was weakened by concerns about the global economy last year. Another deputy governor Charles Bean said in his speech that he expected this year to improve gradation island economy and growth. As the main support sees growth improving state of the financial markets.

In Britain it is important the fact that at the beginning of the summer term ends the current Governor King. It replaces the current governor of the Canadian central bank. Asked about it, if that BoE will not take the risk of leaving another new decision on a new central bank chief appeals to high inflation or on the occasion of the departure point play gamble and encourage further monetary stimulus for the economy, despite high inflation.

Currency pair GBP / USD is from the beginning of the year in a strong bearish trend. In the afternoon began to pound again lose and heads under the low of 1.5130 last week. Key resistance remains level of 1.53, which is starting to lose the sight. Outlook for GBP / USD remains negative.

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