Bank of England votes to hold rates at 0.5%

And with inflation remaining in negative territory – at minus 0.1 per cent in October – there is little rush for the MPC to pull the trigger on a rate rise.

Indeed, the BoE argues not to over-estimate the recent rises in wage growth as inflationary driver; on the contrary, it points towards additional downside risks to the expected moderate recovery of inflation over the coming months, due to renewed lower oil prices.

Central Bank Governor Agustin Carstens told Reuters on Monday that Mexico must be ready to “take care” of the battered peso as a U.S. rate hike looms, but that the U.S. Federal Reserve policy would not be the only factor driving Mexico’s rate decisions.

An even more outside bet would be for Haldane to vote for a rate cut given his dovish stance and the fact that inflation remains at significantly low levels.

Following comments from Bank of England (BoE) policymakers during recent weeks, most economists now believe that United Kingdom interest rates will not be heading higher until 2017.

While assessing when to raise rates for the first time since July 2007, BOE officials have been weighing the strength of Britain’s economy against slowing global growth, including a slump in emerging markets and tumbling commodity prices.

The accompanying minutes release is expected to once again show an 8-1 vote split in favour of keeping rates on hold.

Currency traders’ verdict on the Bank of England’s latest policy meeting was that officials had failed to offer more insight into the path of interest rates and to shift the outlook for sterling.

Treasury 30-year bond yields dropped by five basis points, or 0.05 percentage point, to 2.96% as of 5 p.m.in NY, according to Bloomberg Bond Trader data.

“It would have been careless of the central bank to move on rates ahead of the Fed’s December 16 rate decision”, Ljiljana Grubic, an analyst at Raiffeisenbank in Belgrade, said before the meeting.

The British Chambers of Commerce (BCC) warned over the UK’s reliance on consumer spending to drive growth as it downgraded its forecast for gross domestic product (GDP) growth for 2015 and the next two years.

“The continued tightening of the labour market and the likely downward pressure on sterling when the US Fed starts to hike suggest that the MPC will decide by May that interest rates need to rise”.

Previously the Bank had sought to force the pound exchange rate complex lower, and push back interest rate expectations, by blaming global developments for remaining cautious.

The Reserve Bank of India has kept the key repo rate unchanged at 6.75% in its fifth bi-monthly monetary policy review.