Stocks especially tech ones dropped on Tuesday on concerns over inflation. Gold is viewed as a hedge against inflation, that’s why it’s trading now near the three-month high.
How to trade GBP after Bank of England’s report?
What will happen?
The Bank of England will hold a meeting on May 6 at 14:00 MT (GMT+3). This event will be watched by many traders as it may have a significant impact on the British pound. However, we should be ready that it can be uneventful for markets as BOE Governor Bailey is likely to stick to the general phrase of all the major banks: ‘low rates until the pandemic is over.’
How to trade on BOE statement?
Follow the BOE’s meeting and try to catch the overall tone of the central bank. Besides, keep an eye on the news during the event and after it.
- If the BOE gives optimistic projections about the UK’s recovery, the GBP may rise;
- If the BOE speaks about the UK economy in a negative light, the GBP may fall.
Instruments to trade: GBP/USD, EUR/GBP, GBP/CHF, GBP/CAD
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