Pound Surges on BoE Hawkish Hold, Yen Intervention Weighs Down USD

The British Pound surged against the US Dollar following the Bank of England's decision to hold interest rates unchanged, in a 6-3 vote.

The BoE's hawkish stance was supported by dissenting members Greene, Mann, and Pill, who voted for a 25-basis-point rate hike.

BoE Governor Andrew Bailey stated that there is no evidence of second-round effects, but the BoE stands ready to adjust policy as the outlook evolves.

The suspected intervention in the Japanese Yen also weakened the US Dollar against most G8 currencies, causing the DXY index to reach a 30-day low.