Bank of England

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Bank of England holds rates in surprise move; signals August easing

Posted on July 14, 2016 at 1:31 pm GMT

The Bank of England defied market expectations of an interest rate cut by holding rates at 0.5% in a surprise move on Thursday. Most market participants had priced in a 0.25% rate cut at today’s meeting as the Bank of England takes measures to cushion the UK economy from the anticipated negative impact from Brexit. However, an August move is now a certainty as indicated in the Bank’s accompanying statement from today’s announcement. According to the statement, “most members of [..]

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Asian Session – Dollar surges past 105 yen; Pound firms ahead of BoE

Posted on July 14, 2016 at 8:13 am GMT

The dollar continued its recovery against the yen on Thursday as it climbed to its highest since June 24 when the shock outcome of the UK’s EU referendum caused turmoil in financial markets. The greenback surged above 105 yen in Asian trading today as expectations of fresh stimulus in Japan puts pressure on the Japanese currency. Japan’s government has already said it will launch a fiscal stimulus package worth 10 trillion yen but there is also ongoing speculation that the [..]

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Week Ahead – First post-Brexit BoE meeting and slowing China GDP could signal fresh stimulus

Posted on July 8, 2016 at 2:52 pm GMT

The Bank of England will come in focus next week as it holds its first policy meeting following the shock referendum outcome when Britons voted to leave the EU. The Chinese economy will also come under the limelight once again as a flurry of data is released, including GDP growth figures for the second quarter. US inflation and retail sales data will also be watched. China GDP to slow further as exports continue to struggle China will start the week [..]

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European Session – Pound slides to fresh 31-year low after Carney says fall is “beneficial”

Posted on July 5, 2016 at 3:16 pm GMT

After stabilizing over the past week, the pound saw renewed volatility today as it tumbled to fresh 31-year lows against the US dollar. Sterling had come under pressure earlier in the day when British bank, Standard Chartered, triggered fears of investors fleeing UK assets after it said that it had suspended trading in its UK real estate fund due to large withdrawals. Fresh measures by the Bank of England to ease liquidity concerns in the British economy failed to support [..]

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Asian Session – Yen rises on risk-off, pushing dollar below 102 yen; Pound slips below $1.32

Posted on July 5, 2016 at 8:00 am GMT

The yen headed higher on Tuesday as risk-off trading put the Japanese currency back in demand. Uncertainty about the outlook of the global economy following Britain’s decision to leave the EU, as well as renewed concerns about the health of China’s economy drove investors to the safe-haven yen. The dollar slipped below 102 yen in Asian trading, hitting a low of 101.77 yen in late session. The euro and the pound saw sharper falls, with the euro dropping 0.8% to [..]

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Asian Session – Pound drops after Carney hints at stimulus; yuan hits fresh 2010 lows

Posted on July 1, 2016 at 7:44 am GMT

The pound dropped back below the 1.33 level against the dollar on Thursday after the Bank of England Governor Mark Carney hinted at a summer rate cut. In a live broadcast, Carney told reporters yesterday that “some monetary policy easing will likely be required over the summer” as economic growth in the UK takes a hit from the Brexit fallout. The news boosted stocks but weighed on the pound as most analysts now expect for the Bank of England to [..]

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UK jobless rate falls to lowest since 2005 as wage growth edges up

Posted on June 15, 2016 at 12:46 pm GMT

The number of people unemployed in the UK fell by 20,000 to 1.67 million in the three months to April, the lowest since the three months to May 2008. The employment rate was unchanged at a record high of 74.2%. There were 31.59 million people in work in the three months to April – 55,000 more than the preceding three months. The drop in the number of jobseekers pushed Britain’s unemployment rate to 5.0% in the three months to April [..]

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Week Ahead – Central bank policy to drive the markets as Fed, BoJ, BoE and SNB meet

Posted on June 10, 2016 at 11:53 am GMT

Key data releases next week out of China, the UK and the US will likely struggle to get much attention as monetary policy takes center stage. The US Federal Reserve will hold its highly anticipated FOMC meeting but the Bank of Japan’s meeting may be the one to watch out for, while the Bank of England and the Swiss National Bank are unlikely to produce any surprises. Main China indicators to hold steady in May Data out of China is [..]

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Pound surges as latest Brexit poll puts ‘remain’ on 18 point lead

Posted on May 18, 2016 at 2:25 pm GMT

Support for Britain to stay in the European Union appears to be gathering pace as the fourth poll this week has put the ‘remain’ camp in the lead. According to the latest Ipsos MORI poll out today, 55% of respondents voiced their intention to vote for Britain to stay in the EU, compared to 37% who said they would vote for Britain to leave the EU. This gives the ‘remain’ camp an 18 point lead and follows the 15-point lead [..]

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