Tomorrow the Bank of England will take centre stage when they announce their latest interest rate decision for November.
Since the vote to leave the European Union back in June the central bank cut rates to 0.25% in an attempt to stabilise the UK economy but this has been publicly criticised by some senior politicians.
Bank of England governor Mark Carney has been outspoken since the Brexit and has stated he is not too concerned over the fall in value of Sterling. Therefore, to me I would not be too surprised to see an interest rate cut tomorrow and if this happens we could see GBPEUR and GBPUSD rates fall lower.
The UK Quarterly Inflation Report is also due out tomorrow and with inflation likely to be going in an upwards direction in the future owing to the falling value in GBPUSD rates then this could cause a more serious problem for the British economy going forward. As we import so much from overseas as the US Dollar is at its strongest point vs Sterling in 31 years this is likely to increase the cost of the British basket of goods.
Even if the Bank of England do not cut interest rates tomorrow I think we could see some appetite for another one coming so my personal expectation is to see Sterling fall against both the Euro and the US Dollar tomorrow afternoon.
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