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Crucial Readings for British Pound
Information is not investment advice
Crucial Readings for British Pound
What will happen?
Bank of England will release data on quantitative easing, monetary policy, and bank rates on November 4, 14:00 GMT+2. This exact report happens once a month and shows BOE’s point of view on the current economic conditions.
Why is it important?
The BOE’s meeting contains information that directly affects the British pound. Monetary policy is among the primary tools the Bank uses to change inflation, thus, the overall pace of the economy. Also, interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future. Although the rate often remains the same, this time investors anticipate a hike to come. Moreover, the voting process (monetary policy committee members vote on main economic matters) can give us more information about the bank’s plans.
How to trade on Bank of England readings?
The British Pound leaped in value against all its major peers in anticipation that the Bank of England could raise interest rates on November 4. That move will put the currency in a winning position against weaker euro and other currencies.
- If the Bank hike rates – GBP will rise
- Otherwise, fall
Check the economic calendar
Instruments to trade: EUR/GBP, GBP/JPY, GBP/USD.
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