BoE Leave UK Rates On Hold

Posted by Nogger - a legend in his own mind at 13:20 | Categorized as

04/08/11 -- Which crazy loon saw that one coming. Oh, yes it was me. I also predict that it will get dark later this evening, Rangers won't do very well in this season's Champion's League and a brown horse will win the Grand National.

The ECB also left rates on hold at 1.5% in the eurozone, whist Spain successfully auctioned off EUR3.3 billion of bonds. The April 2014 maturing bonds had an average yield of 4.8% up from 4.3% at a similar auction a month ago.

The one to watch is the yield on Spanish 10-year bonds, currently trading at around 6.1% after hitting a record high during the lifetime of the euro of 6.46% earlier this week. It is widely regarded that anything above 7% is unsustainable and will mean a bailout.