All eyes on Bank of England (BOE) UK Inflation and Growth forecasts today.
One of the largest data announcements to affect currency markets this week will be today’s Bank of England (BOE) UK Inflation and Growth forecast at midday UK time.
Dubbed by some analysts as “Super Thursday” this outlines growth expectations for the next year. Expectation is a cut from 2.2% to 2%. As for the inflation rate forecast rates have remained unchanged for some time but with a weakening economy (growth slowing sharply, poor service sector data and a slow down in wage increases) the time has come in my opinion for interest rates to be cut.
My outlook for the rest of the week is based on to outcomes.
- Mark Carney throws his wait behind the remain campaign today, if this happens we should see a modest increase in the Pound to Euro rates if only for the short term.
- Growth outlook is worse than expected and the BOE remains fairly neutral towards the referendum then we should see a drop in the pounds value.
I will endeavour to keep all my readers updated as “Brexit” and other economic issues affecting the currency markets continue to develop.
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