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Will it be a quiet day for GBP?

Will it be a quiet day for GBP?

Early this morning we saw the outcome of the Bank of Japan’s monetary policy meeting was as expected by the market. The central bank voted unanimously to keep policy unchanged with a headline interest rate of 0% (0.1% in reality).

 

Today will be a fairly quiet day on the markets with two exceptions:

 

1. The National Institute of Economic and Social Research (NIESR) releases its estimate of the last three months GDP – this statistic varies in significance but given the fairly light amount of data around it we think it is likely to attract more attention this month.

 

2. This afternoon, Mark Carney will be testifying in front of lawmakers regarding the FX fixing scandal. The scandal itself has little impact on the markets but anytime a central banker is put in front of a microphone there is potential for a market moving comment.

 

Otherwise we expect GBP/USD to remain range bound. We also expect GBP/EUR to remain depressed after the ECB failed to deliver on new stimulus or unconventional policy measures (negative interest rates) last week.

 

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