The Bank of England left interest rates on hold today, as expected, but with just one vote for a cut (so relatively hawkish). The MPC also announced another £100 billion of gilt sales over the next 12 months – a form of monetary tightening known as #QT ...

The U.K. pound is up 0.7% to $1.3307, its highest level against the U.S. dollar since March 2022, as traders react to news that the Bank of England left its main bank rate unchanged at 5%.

The pound was at to its highest level in two-and-a-half years after the Bank of England left its key interest rate unchanged, taking a more cautious approach than the Federal Reserve. The pound climbed 0.