As universally expected, the Bank of England (BoE) left Bank Rate on hold at 5.25% today. Not much for the Pound Sterling (GBP) to latch onto here, though stabilizing a bit from the session lows, economists at TD Securities report.

There is not much of a BoE theme today for GBP

As expected, the Monetary Policy Committee (MPC) voted to hold Bank Rate at 5.25%. The 1-6-2 vote was a surprise, but with the usual suspects voting in their usual camps, shouldn't be interpreted hawkishly. The MPC's guidance was revamped to a neutral position, and data is in the driver's seat in the months ahead.

Not much for GBP to latch onto BoE-wise. The focus remains on the USD and the Fed, where we continue to look for a May cut. Still, FX is hugely data-dependent, leaving the focus on NFP and upcoming inflation prints. 

We would look to fade the USD move, especially if NFP on Friday provides good growth and tame wages, which would lift the GBP.