GBP/USD: sentiment lifted on BoE bond buying better than expected - UOB

Analysts at UOB explained that the Bank of England’s (BOE) latest 24 August GBP1.17bn in the 7-15 year maturities bond-buying operation went through better than expected.

Key Quotes:

"As it received an offer-to-cover ratio of 3.10 as the central bank received GBP3,625.2bn in the 7-15 year maturities (versus the lowly ratio of 1.54 for its 23 August operation)."

"The next bond-buying operations by the BOE are on 30 August (for GBP1.17bn in the >15 year maturities bucket) and 31 August (for GBP1.17bn in the 7-15 year maturities bucket)."