Market insights

UK Interest Rate Remains At 5.25% - MI100524

Yesterday saw the Bank of England decide to keep the base rate at 5.25%.

This caused a small initial dip in Pound rates.

However the dip was largely recovered on the back of other news.

The MPC vote count came in at 7 for unchanged and 2 for a rate cut.

This further supports the possibility of a Summer rate cut which was also mentioned by Andrew Bailey, the BoE Governor, in his subsequent press conference. He indicated the UK economy may have turned a corner after the cost of living crisis.

Today it's about the Canadian and US Dollar.

There's Canadian unemployment out later with the expectation of a 6.2% rate followed by the Michigan consumer sentiment index in the US.

Business news reflects on the rate decision yesterday with the rhetoric surrounding the Conservative party's "bet" on a recovering economy ahead of the general election.

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Economic calendar

CAN: 13:30 Unemployment Rate

US: 15:00 Michigan Consumer Sentiment Index

As ever we look forward to keeping you in the loop and look out for our next update.

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