FTSE 100 bounces back from MPC minutes dip

<p>The FTSE 100 dropped after the minutes from the MPC were revealed.</p>

The FTSE 100 is up today (July 17th), bouncing back from losses sustained earlier in the day.

It had previously fallen after it was announced the Monetary Policy Committee (MPC) voted nine to zero in favour of holding quantitative easing this month.

But as of 16:31 BST, it was up by 0.36 per cent when compared to the start of the session.

While stocks were initially hit by the release of the MPC minutes, sterling was up. There had been growing rumours that the arrival of Mark Carney as the new governor of the Bank of England would see a shift in monetary policy at the organisation.

"The minutes have dampened speculation that Mr Carney's arrival might prompt an injection of additional monetary stimulus sooner rather than later," said Chris Saint, head of currency dealing at Hargreaves Lansdown.

Following the release of the minutes, the pound rose 0.4 per cent against the dollar to $1.5280. Sterling was 0.5 per cent higher against the euro at 1.1579 euros.

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