Will the GBP advance on a strong BOE policy?

The Bank of England gives the interest rate press conference on Thursday at 14:00 MT time.

Instruments to trade: EUR/GBP, GBP/USD, GBP/CAD, GBP/CHF

The last activity from the side of the Bank of England was a unanimous vote to keep the rate unchanged at 0.1% after it was reduced twice in March to respond to the virus damage. The policymakers expressed their commitment to support the economy and maintain a possibly favorable financial climate in the UK. The latter has been fortified by an extensive policy of quantitative easing the Bank has been implementing. Nevertheless, similar to other countries, an increase in unemployment is expected in line with economic damage in the nearest future. Coupled with Brexit, this period promises to be one of the toughest challenges for the British economy and the Bank of England. We will be looking into the details and subtle messages about the economic outlook in the report of the Bank of England’s policymakers while the rate is expected to stay steady.

If the bank’s message is optimistic, the GBP will rise.
If the bank’s message is not very optimistic, the GBP will fall.

Check the economic calendar

bank of england

gbp

central bank meeting

Gaspar Markosyan

More by this author

Similar

28.01.2022 15:40 What will move the market on January 31-February 4?

The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?

13.12.2021 12:50 Bank of England’s Statement

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.