Financial Markets Review

The Bank of England’s decision to delay any change to its QE programme provided a short term boost for sterling.

BoE decides not to expand QE, for now

The Bank of England’s decision to delay any change to its QE programme provided a short term boost for sterling.

A weakening of the macro economic outlook supported the USD except against the yen.

A cut in the refinancing rate and a drop in the price of oil has left the ruble underperforming.

The decision by the BoE not to expand its programme of gilt purchases beyond £125bn caught markets by surprise on Thursday and initiated a sharp sell-off in gilts.

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