On May 18th 2011 the Bank of England released its MPC Meeting Minutes for April.
Previous voting result: 3-0-6; Forecast: 3-0-6
MPC Meeting Minutes is a report revealing the reasons for maintaining or changing the official bank rate.
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Conventionally, the report can be divided into 3 parts: the voting results, the reasons for the decision (including current situation overview and near-term forecast) and the data on the amount of the BoE’s secondary market assets.
The key part is the distribution of votes. It is represented in such a way that it is possible to realize, which level is suitable for each MPC member. The pattern is “for an increase – against it – leave it unchanged”.
It has a significant impact on Forex trade.
The focus is on the general tone of the document: a confident tone strengthens the British Pound.
The data are published approximately in 2 weeks after the BoE’s interest rate decision is made public.
