Rate cuts in August still unclear – BoE’s Weale

BoE’s MPC member Martin Weale signalled there is no rush to cut interest rates, adding at the same time that the central bank should wait for further information prior to embark in such measures.

Weale’s comments have poured cold water over expectations of a rate cut by the BoE, as market chatter was considering this actions as some sort of a ‘done deal’ after ‘Brexit’.

Weale also stressed that there still a high degree of uncertainty following the recent decision by the UK to leave the European Union.

GBP/USD attempted a spike to 1.3290 in response to the comments, but the up move seems to have lacked of follow through.