Rates aren’t expected to go anywhere this month, with the key Bank Rate tipped to stay at 5.25%. So, assuming that expectation is met, the market focus will be on the voting split on the nine-member Monetary policy behind the decision and its accompanying commentary. The BoE has been known to produce the odd three-way split, with members voting for hikes, cuts, and no action.in the United Kingdom remains well above the BoE’s government-set 2% target, but it is trending lower.
Sterling is likely to trade its current range into the decision and could struggle to gain if the BoE keeps rate-cut expectations where they are.Sterling has nosed above the broad downtrend channel formerly dominant since the peaks of mid-March. Still, the break higher doesn’t look hugely convincing yet and the bulls have more to do if they’re going to make it so.
Retracement support at 1.24859 looks pretty solid, with the 50-day moving average at 1.26067 providing a barrier should the range top give way.
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