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BoE meeting looms as markets digest FOMC

FXStreet.com
 27 days ago

Cover picture for the articleThe British pound has reversed directions on Thursday and is in positive territory. GBP/USD is currently trading at 1.3672, up 0.41% on the day. The BoE finds itself in a delicate position, as recent economic data shows the recovery stumbling, while inflation remains well above target. Just ahead of the meeting, Manufacturing PMI for August slowed to 56.3, down from 60.3. The BoE began tapering its QE programme in May, but the timing of a rate hike remains unclear. ING noted that the financial markets expect the BoE to raise rates in Q2 of 2022, but it does not expect a hike until the end of next year. The BoE is unlikely to provide much insight into rate policy at today’s meeting, but investors will be interested to see if the Bank continues to insist that the recent spike in inflation is transient.

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