That’ll be all folks. That’s the message from the BOE. They’ve completed the purchase of GBP 125 bln in gilts (UK government bonds). They will review the program at the August MPC meeting and could extend the program at that time. Traders sense the MPC will hold off adding to the program as many feel it has been ineffective. Same story for the Fed’s $300 bln Treasury buy.
Cable is firm on the day, trading at 1.6505 and the pound is strong versus the EUR as well. 1.6525 is resistance near-term while more lies at 1.6555.
