The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
Will the BOE Act as the Lockdown Is Over?
What will happen?
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time. The statement normally contains commentary about the economic conditions and insights into further monetary policy decisions. After coronavirus restrictions were over, analysts started discussing possible adjustments to the bank's monetary policy. According to the recent reports, we won't see any stimulus changes next week. Will the regulator confirm it?
How to trade on the BOE Interest Rate Decision?
Due to analysts' predictions, traders need to pay particular attention to the changes made in the statement. If the Bank of England expresses readiness for stimulus reduction, the GBP may strengthen.
- If the BOE suggests tightening of its monetary policy, the GBP will strengthen;
- If the BOE expresses cautiousness, the GBP will weaken.
Instruments to trade: GBP/USD, EUR/GBP, GBP/JPY
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