The Bank of England raised the UK's base rate by the expected 0.25% yesterday to 1.25%. After the hawkish 0.75% by the FED the night before there appeared to be some belief in traders that the rate hike might have been greater in the run up to the decision as the Pound strengthened versus the Dollar and the Euro. However it appears the earlier GDP and employment numbers created the brake.
Overnight the Bank of Japan kept their interest rate at negative 0.1% which has had little bearing on global markets.
GBP/EUR has climbed nicely back out of the breakout to downside and is now towards the bottom of the mid term trading range.
GBP/USD is similar although the rate is still way off recent highs.
Today sees speeches by members of the Bank of England Monetary Policy Committee followed by a speech by the FED's Jerome Powell later and all topped off with the FED's Monetary Policy Report later in the day. The weekend looks quiet for news until the early hours of Monday when the People's Bank of China releases their interest rate decision.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
UK: 09:30 BoE Huw Pill Speech
UK: 09:30 BoE Silvana Tenreyro Speech
US: 13:45 FED's Jerome Powell Speech
US: 16:00 FED Monetary Policy Report
CHN: Monday 02:30 PBoC Interest Rate
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