Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
The UK Speeds Up Tightening
What will happen?
The Bank of England (BoE) will share its Official Bank Rate and make a statement on monetary policy on August 4, 14:00 GMT+3. This statement is the main communication bridge between the bank and the people. It arouses much interest as it provides a valuable economic outlook with accurate data during such uncertain times.
Possible outcome for the GBP
The rate decision is usually priced into the market, so it tends to be overshadowed by the BoE monetary policy statement, which is likely to bring volatility. The BoE expects a sharp fall in inflation in 2023 and may change its rhetoric to a harsher one.
The bank decided to continue increasing the key rate at the last meeting. After the news came out, the GBPUSD pair skyrocketed. If you have opened a 1-lot trade there, your profit would have reached $3200.
How to trade on the BoE statement?
- If the bank is more hawkish than expected, the GBP will rise.
- In the case of dovish tones, GBP is likely to plunge.
Check the Economic Calendar.
Instruments to trade: GBPUSD, EURGBP, GBPJPY.
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