Is BoE ready for first tightening in more than eight years?

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Monday, Nov 23 2015

Mark Carney will give his latest assessment of the U.K. economy this week, days after his deputy emphasized that the Bank of England hasn’t made any promises about maintaining record-low rates.

The BOE Governor will testify to lawmakers in London on Tuesday and a report on Friday is set to reveal what drove growth in the third quarter. Separate surveys on retail sales and consumer confidence will give insight into the fourth quarter, while Chancellor of the Exchequer George Osborne presents his year-end fiscal plan on Wednesday.

The timing of the BOE’s first tightening in more than eight years is in the spotlight as the Federal Reserve prepares to increase its key rate and the European Central Bank considers adding stimulus. While U.K. officials signaled earlier this month that Britain needs emergency policy settings for a while longer, BOE Deputy Governor for Monetary Policy Ben Broadbent suggested last week investors had inferred too much certainty from that analysis.

Sterling is currently being traded around 1.5290 area. Pair is likely to find support around 1.5250 handle and resistance above 1.5330 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.

More in this category: « German Manufacturing PMI rose more than expected Treasury estimates potential annual GDP growth at 2.75%. »

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