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Will GBP Plunge on Monetary Policy Summary?
What will happen?
The Bank of England will publish a monetary policy summary on Thursday, June 16, at 14:00 MT time (GMT+3).
The Bank of England will provide markets with the outlook of the future monetary policy, which contains the results of voting on interest rates and other policy measures.
Before the previous meeting, traders thought the central bank wouldn’t make a big enough rate hike to fight inflation. As a result, GBPUSD plunged. If you traded one lot, you could have earned $1250.
How to trade on the BOE monetary policy summary?
- If the statement is more hawkish than forecasted, the GBP will likely strengthen against other currencies.
- If the statement is more dovish than forecasted, the GBP will likely weaken against other currencies.
Check the Economic Calendar.
Instruments to trade: GBPUSD, GBPJPY, GBPCAD.
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