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The BOE: one more interest rate increase?
What will happen?
The Bank of England will make a monetary policy statement on February 3, at 14:00 GMT+2. As usual, it will contain an update on the interest rate and provide monetary policy insights.
Why is it important?
Last month Britain’s central bank became the first major regulator to increase interest rates since the pandemic began. On Wednesday, January 19, the Office of National Statistics reported that inflation once again got higher than expected and hit 30-year highs. That’s why experts believe that BOE might increase the key rate again at the upcoming meeting.
How to trade on the BOE Interest Rate Decision?
To trade on the event, you need to wait for the livestream on the official BOE website and follow the updates.
- If the BOE is hawkish, the GBP will strengthen;
- If the BOE is dovish, the GBP will weaken.
Instruments to trade: EUR/GBP, GBP/USD, GBP/CAD
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