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Where Next for GBP as Bank of England Chief Economist Votes For Rate Rise

Where Next for GBP as Bank of England Chief Economist Votes For Rate Rise

Martin Essex, MSTA,

GBP price, news and analysis:

- The Bank of England’s Monetary Policy Committee has left all its settings unchanged, as expected.

- However, news that the BoE Chief Economist Andy Haldane voted for a rate rise has boosted GBP.

- In this webinar, I discussed the impact of the Bank’s decisions before and after their release, and where GBP could go next.

Check out the IG Client Sentiment data to help you trade profitably.

GBP strengthens on Bank of England surprise

The British Pound has gained strongly after news that the Bank of England’s Chief Economist Andy Haldane joined two other members of the BoE’s monetary policy committee in voting for a rate increase at its June meeting.

The majority voted to leave monetary policy unchanged, as expected, but Haldane’s decision makes a rate rise in August much more likely. In response, the probability of an August hike rose from around 33% to nearly 46%, judging by market pricing, and that boosted GBP/USD and GBP/JPY while weakening EUR/GBP.

GBPUSD Price Chart, Five-Minute Timeframe (June 21, 2018)

Latest GBPUSD price chart

Chart by IG

In this webinar, I discussed the Bank of England’s decisions before and after their release, their impact on the British Pound and the FTSE 100 index of leading London-listed stocks, and where the markets could go next.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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