Investing.com - The pound was little changed against the dollar on Thursday after the Bank of England made no changes to monetary policy following its monthly rate setting meeting.
GBP/USD hit 1.6092 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6067, dipping 0.06%.
Cable was likely to find support at 1.6020 and resistance at 1.6143, the high of October 29.
The BoE’s monetary policy committee voted to leave rates on hold at 0.5% and made no changes to the GBP375 billion quantitative easing stimulus package.
The announcement came after economic data earlier this week added to indications that the recovery in the U.K. is deepening.
A report on Wednesday showed that industrial production in the U.K. rose 0.9% in September, compared to expectations for a 0.5% increase and was 2.2% higher than in the same month last year.
Another report showed that Britain’s dominant services sector expanded at the fastest rate in 16 years in October, boosting the outlook for fourth quarter growth.
Sterling was steady against the euro, with EUR/GBP inching up 0.04% to 0.8407.
The single currency remained supported as expectations for a rate cut by the European Central Bank at its monthly rate setting meeting later Thursday waned.
While no policy change was expected from the ECB many investors still expected the bank to signal the possibility of further monetary policy easing at its next meeting in December after weak euro zone inflation data last week.
Data released on Thursday showed that German industrial production fell 0.9% in September from August, but was 1% higher from a year earlier. Economists had forecast a monthly decline 0.2% and an annual increase of 0.8%.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later in the session, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.
GBP/USD hit 1.6092 during European afternoon trade, the session high; the pair subsequently consolidated at 1.6067, dipping 0.06%.
Cable was likely to find support at 1.6020 and resistance at 1.6143, the high of October 29.
The BoE’s monetary policy committee voted to leave rates on hold at 0.5% and made no changes to the GBP375 billion quantitative easing stimulus package.
The announcement came after economic data earlier this week added to indications that the recovery in the U.K. is deepening.
A report on Wednesday showed that industrial production in the U.K. rose 0.9% in September, compared to expectations for a 0.5% increase and was 2.2% higher than in the same month last year.
Another report showed that Britain’s dominant services sector expanded at the fastest rate in 16 years in October, boosting the outlook for fourth quarter growth.
Sterling was steady against the euro, with EUR/GBP inching up 0.04% to 0.8407.
The single currency remained supported as expectations for a rate cut by the European Central Bank at its monthly rate setting meeting later Thursday waned.
While no policy change was expected from the ECB many investors still expected the bank to signal the possibility of further monetary policy easing at its next meeting in December after weak euro zone inflation data last week.
Data released on Thursday showed that German industrial production fell 0.9% in September from August, but was 1% higher from a year earlier. Economists had forecast a monthly decline 0.2% and an annual increase of 0.8%.
Investors were also awaiting preliminary data on U.S. third quarter growth, due out later in the session, amid ongoing speculation over how soon the Federal Reserve will start to taper its stimulus program.