The Bank of England, as widely expected, kept its benchmark interest rate at 0.50%, a record low and maintained its quantitative easing program at £200 billion. In April, the BOE hawks had no refuge in the data as all three "purchasing managers indexes" or PMI undershot expectations, creating a sense that the UK economy remains quite fragile, and putting several more arrows into the quiver of the BOE doves on the MPC.This very weak batch of April data undermines the GBP from a fundamental perspective, and therefore we should watch for GBP weakness in the sessions and even weeks to come. Full Forex News
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