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Thread: The Bank of England keeps Bank rate unchanged as expected

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    Lightbulb The Bank of England keeps Bank rate unchanged as expected

    The Bank of England keeps Bank rate unchanged as expected


    • The Monetary Policy Committee of the Bank of England decided to keep the Bank rate unchanged at 0.75%.
    • The Monetary Policy Committee´s decision was unanimous in a 9-0 voting pattern on both the Bank rate and the asset purchasing.


    The Bank of England´s Monetary Policy Committee decided unanimously to keep the Bank rate unchanged in September.

    While the Bank of England decision was widely expected, the market saw a little immediate reaction to the news.

    The Bank of England MPC said in the statement that the projected pace of GDP growth was slightly faster than the diminished rate of supply growth, which averaged around 1.5% per year.

    Regarding Brexit, the MPC sees the great uncertainty prevailing saying ¨the MPC continues to recognize that the economic outlook could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of EU withdrawal. Since the Committee’s previous meeting, there have been indications, most prominently in financial markets, of greater uncertainty about future developments in the withdrawal process.

    Source: https://www.fxstreet.com/

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    Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand.
    Brent crude was up 8 cents, or 0.1 percent, at $78.26 a barrel by 0338 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.
    U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.
    Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase.

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    The British pound has tried to rally during the day on Friday early, but the revelation that perhaps Labour is possibly going to vote against the Brexit deal of course has a lot of concern about the British pound showing up into the marketplace. With that, it makes sense that we would pull back, and of course it also makes sense that we will be paying attention to geopolitical factors and the trade war as well. Because of that, it’s not a huge surprise to see that there would be a little bit of negativity creep into the marketplace. However, I don’t necessarily think that a meltdown is coming I just think that a pullback is likely. When I look at this chart, I would anticipate that the ¥145.50 level will probably be the beginning of support, and possibly a move below there could occur, perhaps driving the market down to ¥145.

    - - - Updated - - -

    Needless to say, the British pound has been rallying every time there is even the faintest hint of good news, and I think that might continue to be the case here. If somebody from the Labour Party comes out and denies the report, that will probably send this market right back around. As per our Forex Signals, Friday trading always tends to be a bit tricky because there will be the natural desire for people to lock in profits ahead of the weekend and take risk off the table as headlines can come out at any time to move this pair.
    Last edited by Resolve; 09-15-2018 at 02:39 PM. Reason: removed link

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    Quote Originally Posted by 777tradesresearch View Post
    The British pound has tried to rally during the day on Friday early, but the revelation that perhaps Labour is possibly going to vote against the Brexit deal of course has a lot of concern about the British pound showing up into the marketplace. With that, it makes sense that we would pull back, and of course it also makes sense that we will be paying attention to geopolitical factors and the trade war as well. Because of that, it’s not a huge surprise to see that there would be a little bit of negativity creep into the marketplace. However, I don’t necessarily think that a meltdown is coming I just think that a pullback is likely. When I look at this chart, I would anticipate that the ¥145.50 level will probably be the beginning of support, and possibly a move below there could occur, perhaps driving the market down to ¥145.

    - - - Updated - - -

    Needless to say, the British pound has been rallying every time there is even the faintest hint of good news, and I think that might continue to be the case here. If somebody from the Labour Party comes out and denies the report, that will probably send this market right back around. As per our Forex Signals, Friday trading always tends to be a bit tricky because there will be the natural desire for people to lock in profits ahead of the weekend and take risk off the table as headlines can come out at any time to move this pair.
    European Central Bank policymaker Jozef Makuch may consider stepping down as head of Slovakia's central bank early to allow parliament to appoint a successor before what are expected to be highly divisive elections in spring 2020, he said.

    That would avoid the prospect of political wranglings leading to his post being left vacant for an extended period, as has happened in Slovenia, which has been unable to pick a new governor since March.

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