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Pound Soars Higher as BoE Policy Maker Sends Hawkish Signals

Pound Soars Higher as BoE Policy Maker Sends Hawkish Signals

2013-11-15 14:53:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • BoE’s Weale says there has been an upturn in price expectations
  • UK inflation last reported below the ‘knockout’ rate
  • GBP/USD rallies 50 pips

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The pound rocketed fifty points higher against the US Dollar and set a new 2-week high on hawkish comments from Bank of England policy maker Weale.

The Monetary Policy Committee member said that there has been an upturn in consumer price expectations, which has increased the importance of the inflation indicator. Weale further said that the BoE can’t look the other way on price expectations. Adding to the hawkish tone, Weale also said the UK economy may grow faster than the central bank forecasted.

Despite Weale’s comments, UK inflation fell to a yearly low of 2.2% in October. The Bank of England announced in August that it will only raise interest rates once employment has fallen back to 7%, unless inflation fails to fall below 2.5% over the next two years. Even though the inflation rate was last reported below 2.5%, Weale’s comments imply that the bank may soon make hawkish changes to its outlook.

That is the reason that GBP/USD climbed above 1.6100 on Weale’s comments, and resistance may next be seen by a 10-month high at 1.6260.

New to Forex? Watch this video

GBP/USD 1-Minute: November 15, 2013

Pound_Rockets_Higher_as_BoE_Policy_Maker_Sends_Hawkish_Signals_body_Picture_1.png, Pound Soars Higher as BoE Policy Maker Sends Hawkish Signals

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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