FXStreet (Córdoba) - According to analysts from Danske Bank today’s decision of the Bank of England (rates and purchased assets program unchanged as expected) and the minutes did not add new information. The focus now turns to the inflation report to be released February 4th. Key Quotes: “The ‘tone’ in the minutes was more or less as expected. The lower oil price since the December meeting has lowered the inflation outlook further, growth seems to have slowed down a bit and risk appetite is poor. The weaker GBP pulls somewhat in the other direction. So, in reality, there was not much news in the minutes.” “In our view, the February meeting is much more important as the updated Inflation Report is due to be released alongside the rate announcement, which should give us more insight into how the recent development has affected the BoE’s outlook for growth, employment and inflation.” “We continue to expect the first BoE hike in Q2 16 (probably in May) but recognise that the BoE sounds less and less ‘Fed light’ despite strong developments in the labour market. One explanation is that monetary policy in the UK depends on the oil price and the economic outlook in Europe to a larger extent than Fed policy.” For more information, read our latest forex news.