GBP is in focus

GBP is in focus

Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time.

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

Analysts widely expect that the Bank of England will leave rates unchanged this time. Officials set the key bank rate at the record low at 0.1% on June 18 this year. It was one of the support measures taken by the central bank to mitigate the damage from the coronavirus. Also, the BOE will continue buying assets within its existing program to stimulate the faster recovery of the economic activity. Officials assure that they will do whatever it takes to save the country. Unlike other countries, the United Kingdom has to solve two severe problems simultaneously: coronavirus and Brexit. Thus, it’s really significant what course of events the central bank foresees for the country. The most important for traders is to follow news after the release to get the BOE’s message.

If the BOE says that the UK’s economy is recovering faster than expected, the GBP will rise.

Otherwise, if the BOE claims that the economic recovery will be uncertain and bumpy, the GBP will fall.

Check the economic calendar

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The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.

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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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

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