BOE releases the monetary policy meeting minutes on Thursday at 14:00 MT time.
Will the BOE manage to keep the GBP standing?
The Bank of England’s interest rate announcement and monetary report will be out at 14:00 MT on January 30.
2020 will be a difficult year for the GBP. Brexit deadlines are coming, concerns about the British economy have increased – all this creates a negative environment for the British pound. The BOE maintained the key rate at 0.75% in December and is likely to do so once again on January 30. However, the question is not whether there will be a rate cut, but rather, whether the policymakers incline towards it or not. Two out of nine members of the bank’s Committee voted for a cut during the last two meetings. If the number of rate cut supporters increases at the January session, it will mean that the central bank will actually lower the rate at some point this year. That will be especially likely, given the uneasy context of the UK-EU divorce. All in all, let’s wait for Thursday and read into the details.
- If the support of a rate cut grows within the BOE Committee, the GBP will drop.
- If the BOE Committee remains firm on keeping the rate unchanged, the GBP will rise.
Great Britain will publish its trade balance on June 12, at 09:00 MT time.
The Federal Open Market Committee will publish the monetary policy decision and announce the interest rate on June 10, at 21:00 MT time.
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.