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Takeaway from Bank of England’s Meeting

Takeaway from Bank of England’s Meeting

Information is not investment advice

What happened?

The Bank of England has announced an important decision which sent GBP/USD up by over 1000 points. The central bank announced that it was concerned about the too-high inflation in the UK, which is likely to jump to “slightly above” 4% this year, double the BOE’s target level. Thus, the bank said that the case for higher interest rates "appeared to have strengthened".

What does it mean?

The UK central bank claimed that it would raise interest rates earlier than initially thought. It encouraged GBP’s bulls and sent the pound soaring. The next meeting on November 4 is going to be interesting for the markets! Before it comes, the expectation of the hike rate will support the pound.

Technical outlook

GBP/USD has bounced off the support line of 1.3600 and has jumped above the psychological mark of 1.3700. After a breakout, the pair pulled back to 1.3700. It should be just a natural sell-off before the further rally up. The jump above the late-August high of 1.3760 will open the doors to a mid-September high of 1.3850. Support levels are 1.3600 and 1.3700.

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Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus

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