Bank of England Holds Rates at 3.75% in 7-2 Vote

The Bank of England kept interest rates unchanged at 3.75%, with seven members voting to hold and two dissenting in favor of a 25bp hike. The BOE cited falling oil prices as 'encouraging,' signaling easing inflation pressure but acknowledging persistent risks. GBP/USD and EUR/GBP are the primary pairs to watch. The hawkish minority vote may limit sterling downside, while the hold decision could weigh on GBP against the USD and EUR as traders reassess the BOE's rate path.