Bank of England Minutes Weaken GBP USD

The Bank of England is dominating the news once again following the release of its minutes from the August 6th meeting.  If you recall, at this meeting the BoE voted to expand its quantitative easing program.  At the time this news came as a surprise as the majority of analysts surveyed had not expected an expansion.  Since this news was released, the GBP USD has topped and started a down trend.

Traders have been selling the British Pound since early this morning following news that three out of nine members of the Bank of England’s Monetary Policy Committee argued to increase the asset buy-back funding to as much as $329 billion.  Although this proposal was shot down by the majority, it is an indication that all BoE members are not on the same page when it comes to reviving the economy.

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