The BoE meeting to be a non-event
Bank of England will announce its monetary policy decision today at 11:00 GMT. The July meeting is expected to be a non-event for the currency market: interest rate is expected to stay at a record low of 0.5%, while the QE volume – at 375 billion. The British pound may use the absence of rate hike timing news as a reason for bearish correction. However, be careful with selling the pair: the overall trend still remains bullish.
Danske Bank: “Instead of the meeting itself the focus will be on the minutes from the meeting (released on 23 July), where we will see if there is some dissident vote among board members, advocating an earlier rate hike”.