UK Preliminary Quarterly GDP is out on Thursday at 09:00 MT time.
BOE interest rate stays the same
The Bank of England (BOE) did not announce any major changes in its monetary policy during its today’s meeting. The interest rate stays at 0.75%, which is not a surprise for investors. All of the 9 Monetary Policy Committee (MPC) members voted to hold the rate at the same level, as it was predicted. The committee stated, that any future changes of the interest rate depend on the next steps concerned Brexit deals with the EU. However, these changes will be applied gradually.
In other news, GDP estimate for the 3 quarter raised to 0.5% from 0.4% in August.
The GBP has been rising since September 5, and today didn’t manage to renew highs. As there were no major news expected, the pair GBP/USD was trading in the area around 1.3050.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.