The BOE meeting: uncertainty rises, the pound… stands still?

The BOE meeting: uncertainty rises, the pound… stands still?

On November 7, the Bank of England will announce the interest rate decision. Normally such meetings have a significant impact on the currency, but the analysts advise this time may be not the case.

The British economy has been doing relatively well recently despite the Brexit tensed environment: the unemployment below 4% is close to the mark unseen since the last 50 years, average earnings are growing by 3.8% and real incomes are rising by 2% annually, while the inflation stays at 2%. So, from the outside things don’t look bad.

However, not all the Monetary Policy Committee members think the same: at least two out of nine are believed to be reluctant to keep the rate at the current level. Prolonged Brexit deadlock, business confidence at the 10-year low, internal political debates and the global economic slowdown all are pushing towards the monetary easing that we may see later on. In turn, that should force the GBP to drop.

But for now, these factors are not expected to divert the British pound from the rising trend it has been showing against the main currencies since August this year.

Follow news with FBS to know whether the BOE statement will affect the GBP.

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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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