Analysts at Rabobank explained that Thursday was a busy day for central banks. As expected the Bank of England left policy on hold yesterday in an unanimous decision.
"Although the MPC identified limited changes in UK economic indicators since February, the depreciation of sterling on the back of uncertainty surrounding the forthcoming UK referendum on EU membership was cited as a factor having potential implications for both growth and inflation.
The as expected decision from the Norges Bank to cut rates by 25 bps comes against a backdrop of weakened growth prospects in the oil led economy.
The Norges Bank left the door open for further easing though the Governor made clear his resistance to negative interest rates. The SNB confirmed steady policy. This decision may have been different if the EUR had sustained its initial losses after last week’s ECB policy meeting. The SNB repeated its warning that it could intervene to protect its overvalued currency from unwanted inflows."
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