Will the Bank of England decision cause sterling to rise or fall?
Will the Bank of England decision cause sterling to rise or fall?
Sterling exchange rates hang in the balance this morning ahead of the Bank of England interest rate decision. The outcome of the decision could cause movement in either direction for sterling exchange rates. The Bank’s monetary policy committee are expected to vote for interest rates to remain unchanged.
GBPEUR is trading within half a cent of the 5-month low. GBPUSD (cable) is trading 10 cents lower vs the highs seen in July. This represents opportunity for those looking to buy sterling.
Cable saw some volatility yesterday during the FOMC meeting where the Federal Reserve announced US interest rates would remain on hold. USDEUR saw a spike ahead of the meeting in anticipation of a surprise rate-hike and has since come back to levels seen yesterday.
Comments from Fed Chair Jerome Powell will have provided some support to the value of the dollar. Like Christine Legard from the ECB, Powell said inflation still has a long way to go and the door remains open for further interest rate hikes should they be necessary.
Markets will be looking to decipher similar rhetoric from the Bank of England and governor Andrew Bailey. Sterling would be supported by any comments suggesting further rate hikes are possible. We could see a sterling sell-off, if the bank confirm UK interest rates have reached their ceiling.
Sterling suffered across the board following the Banks last meeting where interest rates remained unchanged.
Weekly jobs data from the US will follow the Bank of England ahead of tomorrow’s non-farm payroll data which has a tendency to cause significant volatility.
If you have an upcoming currency requirement, and would like further information on the market and bank-beating exchange rates, please reach out to me on [email protected]
The post Will the Bank of England decision cause sterling to rise or fall? appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2023/11/will-the-bank-of-england-decision-cause-sterling-to-rise-or-fall/
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