The GBP/NZD currency pair was mostly steady on Wednesday ahead of the outcome of the Bank of England’s policy meeting.
The Bank of England is expected to leave its benchmark interest rate intact at 3.75% at its March 19th meeting.
BoE’s February decision to hold rates was a narrow 5 to 4 vote, as officials weighed easing inflation pressures against risks stemming from a weakening economy. Four members voted in favor of a 25 basis point cut, which highlighted growing divisions within the Monetary Policy Committee.
BoE policy makers said that risks of persistent inflation had decreased, while weaker demand and a softening labor market posed downside risks.
The MPC indicated that further rate cuts were likely, but they would depend on incoming inflation figures. BoE Governor Andrew Bailey expressed confidence that inflation would reach the 2% target sooner than previously thought.
Meanwhile, kiwi traders will be paying close attention to New Zealand’s GDP growth data for the fourth quarter due out on Thursday.
The GBP/NZD currency pair was last down 0.01% on the day to trade at 2.2793.
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