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BoE: Keeping the rate on dovish hold – Rabobank

As expected, the Bank of England MPC kept rates on hold at 4.75% at this week’s meeting. The vote was split 6-3, with three dissenters voting for a 25bp cut, Rabobank’s Senior Macro Strategist Stefan Koopman notes.

Path of least resistance remains for quarterly cuts

“We interpret this larger vote split as a signal to the market that the MPC is advocating a more rapid pace of cuts than currently priced in.”

“The MPC also stuck to its language of gradualism. In our view, the path of least resistance remains for quarterly cuts.”

“With three members already favoring cuts, only two more need to switch sides in February to mark the next move. We continue to expect the first cut of 2025 to land then.”

USD/CAD slumps below 1.4400 as USD takes breather after a sharp run-up

The USD/CAD pair falls sharply to near 1.4360 in Thursday’s North American session after posting a fresh more than four-year high at 1.4467.
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GBP/USD Price Forecast: Holds to gains below 1.2600

The British Pound trims some of its earlier gains versus the US Dollar after the Bank of England (BoE) held rates steady and pushed the GBP/USD toward its daily high of 1.2664.
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