Bank of England’s Meeting

Bank of England’s Meeting

British central bank will announce its policy decision at 14:00 MT time on June 15.

The Bank of England’s meetings usually cause significant moves in the pairs with GBP. The policymakers announce their monetary policy stance and the benchmark interest rate. Last time they left the benchmark interest rate on hold at the record low of 0.25% despite rising inflation. UK consumer prices increased in April by 2.7% compared with a year earlier. This is the highest growth since 2013.

Higher inflation will increase the pressure on the Bank of England to raise the interest rate. If more than 1 member of Monetary Policy Committee votes for a rate hike, the pound will strengthen. If the central bank, on the contrary, sounds cautious, traders will sell the GBP.

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