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When will BoE raise its interest rates?

Monday, May 18 2015
Sterling fell this morning and is currently being traded few points above 1.5670, remaining relatively high, buoyed by comments from Bank of England chief Mark Carney who said it was possible interest rates would be higher in a year’s time. Asked in a BBC radio interview if interest rates were likely to be higher by this time next year, Carney said: “It’s possible, but it depends on the evolution of the economy.’’
 
He also said recent sterling strength could be a bit of a dampener to growth, echoing comments made on Wednesday, during Inflation Report Hearings, when he said a strong currency would have a role to play in setting monetary policy. What will also be closely monitored is wage price growth and its relation to inflation. Economists were predicting rate hike by the end of 2015 or beginning of 2016, and at the moment this does not seem very unlikely.
 
Sterling is currently being traded few points above 1.5670 level. Pair is likely to find support around 1.5630 area and resistance above 1.5750 level. There will be no major data releases in the rest of the session.
 
More in this category: « Gold markets at a three-month high RBA opts for lower exchange rates »

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