Bank of England Tries to Save the Pound

Bank of England Tries to Save the Pound

What will happen?

The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3). Traders usually scrutinize his public engagements to get clues regarding future monetary policy. As the central bank controls short-term interest rates, its head has more influence over the nation’s currency value than any other person.

Why is it important?

Volatility is a common thing during Andrew Bailey’s speeches. Although the last meeting in May didn’t bring volatility to the GBPUSD pair, it prepared the market for the next day’s PMI release. The governor pointed out that BOE is ready to raise the rates if the economy suffers. Thus, lower-than-expected PMI data (negative for the currency) crashed the pound against the USD by 1170 points. A one-lot trade would have brought you $1170.

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How to trade on the BOE governor’s speech?

We expect the event to pave the way for GBP. Thus, further economic releases will have a greater impact on the currency.

  • If the speech is more hawkish than expected – the GBP will strengthen.
  • Otherwise, the pound is likely to fall lower.

Check the Economic Calendar.

Instruments to trade: GBPUSD, EURGBP, GBPCAD.

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