BoE opts to keep its Bank Rate unchanged at 5.25%. The decision, however, came after a razor-thin 5-4 vote that showed divisions within the central bank's ranks. Notably, the influential figures - Governor Andrew Bailey, Deputies Ben Broadbent and Dave Ramsden, along with Chief Economist Huw Pill, sided with Swait Dhingra in favour of retaining the rate at its current level.
The currency markets faced significant shifts today, notably with Sterling and Swiss Franc, which are enduring considerable selloffs. Both BoE and SNB opted to maintain their current interest rates, prompting speculation that these institutions might have peaked in their tightening cycles. However, Australian Dollar bore the brunt of today's market sentiment, emerging as the day's biggest loser, possibly due to escalating risk aversion. This sentiment has been echoed in major global indexes, most likely influenced by Fed hawkish hold yesterday coupled which also triggered soaring treasury yields.
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