All eyes on Bank of England

All eyes on Bank of England

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

The BOE will announce its monetary policy and rate decision on Thursday at 14:00 MT time. Let’s find out how this report will impact the pound. Just a month ago the central bank left the bank rate at the record low of 0.1% and increased the size of the bond-buying program more than expected: from 150 billion to 875 billion pounds. Elsewhere, it downgraded its projections on the UK GDP from -5.4% to -11% for the fourth quarter of 2020. The UK is going through one of the toughest periods in its history as it should cope with two problems simultaneously: Brexit and the coronavirus pandemic.

  • If the BOE hints at lower rates and its tone is pessimistic, the GBP will fall.
  • If the BOE leaves everything unchanged and upgrades its forecasts, the GBP will rise.

Check the economic calendar

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Strong USD on Tuesday
Strong USD on Tuesday

The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.

Latest news

ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

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