The Federal Reserve will make a statement regarding the future monetary policy on Wednesday, June 15, at 21:00 MT time (GMT+3).
Will GBP Plunge on Monetary Policy Summary?
Information is not investment advice
What will happen?
The Bank of England will publish a monetary policy summary on Thursday, June 16, at 14:00 MT time (GMT+3).
The Bank of England will provide markets with the outlook of the future monetary policy, which contains the results of voting on interest rates and other policy measures.
Before the previous meeting, traders thought the central bank wouldn’t make a big enough rate hike to fight inflation. As a result, GBPUSD plunged. If you traded one lot, you could have earned $1250.
How to trade on the BOE monetary policy summary?
- If the statement is more hawkish than forecasted, the GBP will likely strengthen against other currencies.
- If the statement is more dovish than forecasted, the GBP will likely weaken against other currencies.
Check the Economic Calendar.
Instruments to trade: GBPUSD, GBPJPY, GBPCAD.
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
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.