Bank of England Minutes due…
The minutes of the Bank of England (BoE) Monetary Policy Comittee (MPC) meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the BoE is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the GBP.
The expectation is that the minutes will show that 8 out of 9 or even all 9 members voted for interest rate to remain on hold. If the minutes just 1 or 2 more voted for rate increases then this will strengthen GBP (Be good for people buying other currencies and selling GBP) – the reason? The greater the possibility of and interest rate rise, the more attractive the Pound is.
What does this all mean for me? Well buying your EUR, USD, AUD or any other currency at the wrong time could cost you a fortune. There is no crystal ball but Currency UK can give you the information you need to make an informed decision.