15.01.201611:55 Forex Analysis & Reviews: Global macro overview for 15/01/2016

Global macro overview for 15/01/2016:

Yesterday, the Bank of England left the interest rate unchanged at the level of 0.5% and reminded split eight-to-one on interest rate decision. Ian McCafferty remained the only dissenter voting for an immediate hike of 0.25 basis points. The Monetary Policy Committee said the recovery in inflation would be "a little more modest than previously assumed," while business surveys signal a slower pace of growth. Policy makers revised downwards their estimates for the last quarter and this quarter expansion to 0.5%. Moreover, the current leading bank economists are arguing whether the BoE is be able to raise the interest rate in 2016, and the vast majority of the market participants believes the regulator will not be able to raise the benchmark rate until the middle of 2017.

The GBP/USD pair fell down to the weekly support level at 1.4352 threatening to break below it. In that case, the next important support will be found at the level of 1.4223.