London (PRWEB UK) 11 October 2013
The Bank of England policy meeting is always an important event for forex traders as the outcome can have a big impact on currency. This time was no different but not because of a big move, but instead because policy makers didn't change interest rates (The Telegraph, 10th October 2013).
Market Analyst Rebecca Fitzgerald commented:
“As expected, the central bank decided to keep interest rates at 0.5%, and no changes were made to the current level of stimulus. The general consensus is that the UK economy is recovering slowly but surely, and this view is further cemented by the IMF’s decision this week to increase the UK growth forecast to 1.4% for 2013. The Bank of England governor, Mark Carney, has reiterated that he will not raise interest rates before the UK unemployment rate drops to 7%.
“However it is worth bearing in mind that he opted for a rate hike in Canada after just one year, so traders should watch out for any suggestive statements from Carney regarding monetary policy. If an interest rate rise is on the cards, sterling would strengthen even further - good news for sterling bulls. It will be interesting to find out more about today’s policy meeting when the minutes are released on 23rd October, as it should provide us with a closer insight into Carney's game plan.”
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