On June 19, TD Securities strategists said in a report that the Bank of England’s policy decision on Thursday will not change the rules of the game for the pound. “Aside from a slightly dovish vote, there isn’t much to consider for the pound.” The Bank of England voted 6-3 to keep interest rates unchanged, with three officials leaning towards a 25 basis point cut. The market expects a 7-2 vote to keep rates unchanged. However, the strategists said central banks play a “secondary role” in geopolitical and macroeconomic developments, especially given concerns that the US is preparing to strike Iran. “This means that the dollar determines the rise and fall of various assets like a tidal wave, so the pound does not have much to be excited about here at the Bank of England.”
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