13th November 2013
The pound has advanced in forex trading markets today (November 13th), following the release of the latest Inflation Report from the Bank of England (BoE).
In August, the bank said it will look to maintain interest rates at record-low levels until the country's unemployment drops to or below seven per cent. Figures from the Office for National Statistics showed yesterday that this fell to 7.6 per cent in the three months to September.
Having previously predicted the target level will not be achieved until the second quarter of 2016, the BoE now believes the threshold may be met by the third quarter of 2015.
The bank expects quarter-on-quarter gross domestic product growth to reach 0.9 per cent in the final three months of this year, from 0.8 per cent in Q3.
It anticipates the inflation rate will drop below its two per cent target at the beginning of 2015.
Following the release of the report, the pound advanced against the dollar and was trading 0.43 per cent higher at $1.5974 as of 10:50 GMT.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.