All attention to pound

All attention to pound

The Bank of England will deliver monetary policy and rate reports on Thursday at 09:00 MT time.

Instruments to trade: EUR/GBP, GBP/USD, GBP/CAD, GBP/CHF

The Bank of England set the rate at a record low of 0.1% and the size of its bond-buying program at 745 billion pounds. UK officials claimed that the UK economic data were slightly better than expected in August. However, the outlook for the economy remains highly uncertain due to the rising coronavirus cases and Brexit developments. That’s why the BoE can still impose negative interest rates and expand its quantitative easing, which will push the pound down. Besides, the central bank claimed it won’t tighten monetary policy until the economy is stable, coronavirus is taken under control and inflation approaches the targeted 2%.

  • If the bank gives optimistic guidelines, the GBP rises;
  • If the bank has a pessimistic outlook, the GBP drops.

Check the economic calendar

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