Bank of England holds key rate steady at 0.5%, QE at 175 bln

Well no surprises. Old Lady held key rate steady at 0.5%, with QE total unchanged at GBP175 bln.

Cable has seen a nice relief rally. It’s been up to test technical resistance at 1.6600/10 (high 1.6597) where it’s run into decent selling interest. We’re presently back down at 1.6565.