Sterling steady ahead of tomorrow's BoE rate decision

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Wednesday, May 10 2017

Sterling steady ahead of tomorrow's BoE rate decision

There are no major data relelases from the UK today, with Sterling being steady around 1.2930 area. Tomorrow, the BoE Monetary Policy Committee will announce its latest decision on interest rates as well as bond purchases and the quarterly inflation report. Bank Governor Carney is also scheduled to hold a press conference.

An increase in interest rates appears unlikely given that the UK will be in the middle of an election campaign ahead of the June 8th election and the Monetary Policy Committee tends to be reluctant to adjust monetary policy during an election campaign unless the need for adjustment is overtly clear. With Sterling managing to hold near the recent highs ahead of the Bank of England’s policy statement, it appears as though investors are relatively optimistic regarding the outcome of tomorrow’s events.

More in this category: « China's CPI increased by 1.2% French Industrial Production rose by 2.0% »

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