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BoE sees raise in inflation in 2016

Wednesday, Feb 18 2015
Besides good job figures Sterling was supported by BoE Meeting Minutes and opinion on inflation raise in 2016.“Absent further such movements in commodity prices or sterling, the effects of these factors on 12-month CPI would dissipate towards the end of 2015, causing inflation to pick up towards the target fairly sharply,” it said. 
 
It was also noted that “growth was likely to be a little stronger over the next few years than had been assumed” in November, the MPC said. “Nevertheless, the financial market developments of the past month served as a reminder that the growth outlook remained sensitive to global developments.” 
 
For two members, the decision to keep rates on hold at 0.5% this month was “finely balanced,” and there may be a case to increase rates later this year. While the committee said the next most likely move in policy over the next three years was tightening, one said there was a “roughly equal” chance the next shift would be a policy loosening.
 
Along with job figures after the Minutes Sterling was pushed higher and is currently being traded around 1.5420 level. Pair is likely to find support around  1.5350 and resistance above 1.5450 level. Later today, in the US session, Building Permits, Housing Starts and FOMC Meeting Minutes are scheduled for a release.
More in this category: « Sterling higher after upbeat in job figures Building Permits and Housing Starts in line with market forecasts »

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