Bank of England’s Meeting
The Bank of England is in charge of the UK monetary policy, which is, in turn, the main driver of the British pound. That’s why the meetings of the regulator are extremely important for the British currency.
At its last meeting, the Bank’s monetary policy committee voted unanimously to hold interest rates at the record low of 0.25% and to continue its quantitative easing program. Despite the fact that the BoE sharply raised the nation’s 2017 GDP forecast from 1.4% to 2.0%, it highlighted risks for business investment and consumer sentiment. All in all, many traders were hoping for the encouraging comments from the central bank given the fact that the UK economy wasn’t affected by Brexit as hard as it had been feared. However, the BoE Governor Mark Carney disappointed investors by not confirming that the next move of the regulator will be to raise rates. As a result, the trading community will be keen to find out whether the central bank’s position has changed or not.
