UK BOE Meeting Minutes & Vote Count - more dovish than expect big move lower

Today February 22nd 2012 at 9:30 the BOE meeting minutes from their last Interest Rate Announcement on February 9th 2012. They also gave their decision on the Asset Purchase Facility or APF and it was raised by 50 Billion to 325 Billion. There were about 15 of the 50 analyst estimates calling for a 75 billion hike in the APF to 350 billion, while 35 out of 50 called for just 50 billion extra. In the end the BOE just did the 50 billion.

Today there was expectation that Posen, the ultradove on the MPC would vote for the full 75 billion, but that there would be 1 member who voted for no additional QE. As it turned out there were 2 members who voted for hiking APF by 75 billion, as MPC member Miles joined Posen in the dovish camp, and all the other remaining members voted for the 50 billion. Thus there were no members who voted for no additional stimulus. So this was more dovish than expected and the British Pound Forex pairs all fell in Pound weakness.

Here are the charts. First the 30 second GBPUSD pair:

next the GBPJPY pair 30 second chart...the yen has been weak but this still fell:

and finally the GBPCHF pair 30 second chart: