At the meeting of its latest Monetary Policy Committee meeting which concluded yesterday, the Bank of England paused its cycle of rate hikes that has lasted since December 2021.In his press conference which followed the decision, Andrew Bailey the Bank’s Governor spoke of the committee's desire to stamp down on inflation while still being aware of the consequences for the economy of continual rate hikes.The vote reflected the marginal nature of the decision. Jon Cunliffe, the Deputy Governor for Financial Stability broke from the “groupthink” of his colleagues and voted for a hike, but his vote was offset by independent member Swati Dhingra who voted for a pause. The three other independent members voted for a hike. Recent weak PMI data along with a stalling housing market are believed to sway the dovish result, as well as the fall in inflation that was reported this week.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.