The Bank of England will publish a monetary policy summary on Thursday, June 16, at 14:00 MT time (GMT+3).
All eyes on Bank of England
Information is not investment advice
Instruments to trade: EUR/GBP, GBP/USD, GBP/CAD, GBP/CHF
The BOE will announce its monetary policy and rate decision on Thursday at 14:00 MT time. Let’s find out how this report will impact the pound. Just a month ago the central bank left the bank rate at the record low of 0.1% and increased the size of the bond-buying program more than expected: from 150 billion to 875 billion pounds. Elsewhere, it downgraded its projections on the UK GDP from -5.4% to -11% for the fourth quarter of 2020. The UK is going through one of the toughest periods in its history as it should cope with two problems simultaneously: Brexit and the coronavirus pandemic.
- If the BOE hints at lower rates and its tone is pessimistic, the GBP will fall.
- If the BOE leaves everything unchanged and upgrades its forecasts, the GBP will rise.
The Federal Reserve will make a statement regarding the future monetary policy on Wednesday, June 15, at 21:00 MT time (GMT+3).
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.