Major Investors are waiting for Bank of England minutes
Those waiting to make a business money transfer will be more interested in the Bank of England's minutes relating to its recent decision to keep the interest rate at 0.5 per cent than the decision itself, according to PureFX.co.uk.
Earlier this month, the Bank of England's Monetary Policy Committee voted to maintain the official bank rate paid on commercial bank reserves at 0.5 per cent.
James Roberts, a director with the trading firm, said that investors expected the results and are more interested in the meeting's minutes to see if they reveal any future inclinations.
"I think a lot of people completely forgot that the bank was announcing it," he commented. "We weren't expecting any changes so they didn't surprise us.
"At the moment I think there is more interest in the Bank of England minutes, which is always released about two weeks after the interest rate decision."
He said that the minutes would reveal what committee members are thinking of in terms of future interest rate hikes.
"Are they going to start printing more money? Or is the emphasis on one or two members who are making noises and starting to vote for rate increases? At the moment nether of those would apply," Mr Roberts commented.
"I imagine when the minutes come out in a few weeks' time the voting patterns will be exactly the same as they were in the previous month."
Traders have been moving to isolate themselves from potential fallouts from debt crises in Europe as well as the US, following its credit rating being downgraded.
The European Central Bank has bought Italian and Spanish government bonds to contain the sovereign debt crisis.
European support for Italian and Spanish bonds came after yields on both countries' debt reached euro-era highs, prompting fears that borrowing costs would reach unsustainable levels, according to the Wall Street Journal.