What to Expect from BOE & ECB Today

What To Expect from BoE & ECB Today

Analysts are predicting interest rate moves of between 25 and 50 basis points when the BoE and ECB meet separately today.

The UK economy continues to struggle with double digit inflation.  The Bank of England is poised to raise interest rates for the 10th time in a row to keep up its fight against rampant inflation, but it might also drop a hint about when the steep climb in borrowing costs will end.

When it comes to the European Central Bank, it seems more than likely that we’ll see another 50bps rate hike this week, with a raft of ECB governing council members coming out more aggressively in favour of multiple 50bps rate hikes in the coming months. 

Market players also expect a series of these interest rate hikes which means in the coming months; the bank is more than likely to increase the interest rate by the same magnitude. Traders will be paying close attention to the bank’s decision and every single word will be synthesized by them.

Thursday 2nd February High Impact Events

The times below are GMT+2

  • 14.00 – UK – BoE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Statement, Official Bank Rate

Potential instruments to Trade: GBP Crosses.

  • 15.15 – Europe – Main Refinancing Rate, Monetary Policy Statement

Potential instruments to Trade: EUR Crosses.

  • 15.30 – US – Unemployment Claims

Potential instruments to Trade: EUR Crosses.

  • 15.45 – Europe – ECB Press Conference

Potential instruments to Trade: EUR Crosses.

  • 17.15 – Europe – ECB President Lagarde Speaks

Potential instruments to Trade: EUR Crosses.

  • 19.30 – Switzerland – SNB Chairman Jordan Speaks

Potential instruments to Trade: CHF Crosses.

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