Ladies and Gentlemen,
If you look at the list of data being released tomorrow in
the UK, you will see why the media are referring to it as ‘Super GBP
Thursday’.
09:00 New Car Registrations
09:30 Industrial Production
Manufacturing Production
12:00 Bank of England Inflation
Report and Minutes to the meeting
Bank of England Bank rate (0.5%)
We get 3 data points from the BOE at midday, the minutes of
its policy meeting, the quarterly inflation report forecast and the Interest
rate decision, presently 0.5%.
Normally, these reports are on separate days.
How the members of the MPC vote, the last 7 meetings have
been 9-0. Are there any dissenters in the ranks?
Martin Weale confirmed he was one of two members that nearly
voted for rate rise at the last meeting and JP Morgan have forecast a 6-3 vote.
Who are the other possible dissenters? Kristin Forbes said
there will be a rate rise ‘in the not too distant future’.
However I take note from the BOE chief economist
Andrew Haldane ‘ For me the combination of a healing economy, very low price
pressures and a wobbly world means there is no rush to move rates from where
they are now’. It is important to remember that the BOE mandate is to deliver
price stability and then support growth and employment.
It will a very interesting day as the market presently
expects a rate rise in May of next year, if the hawks win then 1.5680 is the
level to watch whilst a leaning towards the doves would see 1.5470 tested.
Good Luck
Anish S. Lal @anish8fx
FX & Precious Metals, Atom8
Financial Services LLP
2nd Floor, Centenary House, Palliser
Road, London W14 9EQ, UK
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