How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
British Interest Rate Update
What will happen?
The Bank of England will reveal MPC official bank rate votes and official bank rate and make a monetary policy summary on March 17, at 14:00 MT time. These releases have a direct impact on GBP.
How will GBP react?
Due to the Russian-Ukrainian conflict, which affects everything now, it’s difficult to predict what monetary policy BOE will choose. Other countries, for example, Australia, don’t rush to raise interest rates because of all the suspense over geopolitical news. We assume that the Bank of England might not increase the official bank rate, even though the British are probably waiting for harsh actions.
On February 3, 2022, the last release caused a massive leap of the pound. GBPUSD surged to 1.36300.
How to trade on the BOE official rate release?
The higher the actual rate relative to the “Forecast”, the better for the currency.
Check the Economic Calendar
Instruments to trade: GBPUSD, EURGBP, GBPCAD, GBPJPY.
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