UK BOE MPC Meeting Minutes 09/23/09

[flv:http://www.newsprofiteer.com/092309-ukmpc/092309-ukmpc.mp4 480 360]

4:30am UK MPC Meeting Minutes      Forecast 0-0-9   Previous 0-0-9
ACTION: GBP/USD      Depending on Market Reaction

MPC or Bank of England (BOE) Monetary Policy Committe will be issuing their meeting minutes over the Rate Decision meeting held two weeks ago along with the actual vote count over various issues discussed.  Last rate decision MPC decided to leave everything unchanged, including the actual interest rate and their Asset Purchase Facility program.  Ever since the last rate decision, investors have been paying more attention to the APF program than usual as it was a complete surprise for BOE to increase it at the height of optimistic consumer sentiment.  Therefore undoubtedly today, market will likely to move based on any discussions concerning QE programs… 

Since  the market is expecting an unanimous vote on the unchanged verdict, even with a one vote difference, Sterling will probably come under pressure.  So the key is on any thing that would suggest increase of the present QE program for a possible GBP sell-off.

I’ll be trading this release live as always do and I’ll post my results afterwards.  This trade is for the more advanced trader as we’ll have to deal not only with interpreting the actual minutes but also reading market sentiment, therefore unless you’ve traded this before, maybe it is better to skip it.

RESULT: MPC Minutes vote on both Stimulus and Interest rate were unanimous and there were no mention of cutting down the deposit rate or possibility of further increase in the stimulus package.  Market took this as a sign of GBP bullishness, and even though I had no plan to BUY GBP, upon looking at market reaction, I decided to go long on GBP/JPY after a decent retracement.  Ended up with an entry at 1.4923 for 20 pips of profit on video, but in the trade room I was able to make close to 35 pips as the market keep on pushing GY up…  Never down more than the spread.

Related posts:

1. UK MPC Meeting Minutes 08/19/09
2. Australia Monetary Policy Meeting Minutes 10/19/09
3. BOE MPC Official Bank Rate Decision 10/08/09
4. UK BOE Official Bank Rate Decision 09/10/09
5. UK BOE MPC Official Bank Rate Decision 11/05/09
6. BOE Official Bank Rate Decision 04/08/10
7. Forex News Trading UK BOE Interest Rate 09/08/11
8. BOE Interest Rate Decision – Forex News Trading Plan 11/04/10
9. US FOMC Meeting Minutes 09/02/09
10. BOE Official Bank Rate Decision Strategy 06/10/10

Tagged as: bank of england monetary policy committee, BOE, Forex, Forex News, Fundamental News, fundamental outlook, GBP, GBP/JPY, GBP/USD, Inflation, Interest rate, interest rate decision, Key Interest rate, Minutes, monetary policy, MPC, MPC Meeting Minutes, UK, United Kingdom