Ella 
GBP/JPY is steady, hovering above 194.50, as broad-based weakness in the yen continues following the Bank of Japan’s (BoJ) “intervention rhetoric”. The Bank of England kept interest rates unchanged as widely expected, but the Monetary Policy Committee voted once again to vote for a rate cut.
The Bank of England voted 7-2 to keep interest rates on hold earlier Thursday. Two members of the Monetary Policy Committee voted for the rate cut, Sir David Ramsden, deputy governor for markets and banking, and Dr. Swati Dhingra, a member of the Bank of England’s external monetary policy committee. Swati Dhingra voted for a 25 basis point rate cut. Markets had initially expected an 8-1 vote, with Dr Dhingra expected to be the lone dove.
Friday’s UK gross domestic product (GDP) will be the focus of the week, with markets predicting a rebound in UK quarterly economic growth data. UK GDP is expected to grow at a quarterly rate of 0.4% in the first quarter, following a contraction of -0.3% in the previous quarter.
