7:00am (NY Time) UK Offcial Bank Rate Decision Forecast 0.50% Previous 0.50%
ACTION: GBP/USD N/A
Bank of England’s Monetary Policy Committee (MPC) is scheduled to release their interest rate decision today once again for 2010, and consensus expectations are to keep rates at 0.50% and the APF (Asset Purchasing Facility) at 200 Billion Pound, which are probably no surprise to most traders. However, the important focus today will be the tentative statement accompanying the rate decision, which may reveal BOE’s future monetary policy.
With recent news on UK’s economy and the bleak outlook over its banking sector, there is no real expectation of rate hike from BOE until the end of 2010. With the current rate sitting at 0.50%, today’s rate decision may fail to inspire direction, but just in case BOE decides to surprise the market, we’ll be around to take a trade today.
As usual, if we are able to jumping to the market, I’ll record it live and post the updates back as soon as I can. But honestly ever since BOE kept rates at 0.50%, we’ve been staying out of the market with this news release as there is really no reason to be taking a trade…
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