July 30, 2018

Orbex, Will Bank of England set to hike rates this Thursday?

The week ahead kicks off onto a busy note with the beginning of a new trading month.

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Among the central bank meetings lined up this week, the Bank of England, the FOMC and the Bank of Japan will be holding their monetary policy meetings this week.

Only the BoE is expected to hike interest rates at this week’s meeting.

Elsewhere, the news will be dominated by the quarterly unemployment report from New Zealand and the monthly GDP numbers from Canada. In the Eurozone, the flash inflation estimates for July will be released

Bank of England set to hike rates

The Bank of England will be meeting this week on Thursday for its monetary policy meeting.

As widely expected, the central bank is forecast to raise interest rates by 25 basis points this week.

The expectation for a rate hike comes as the BoE had previously missed the rate hike in May.

This came after the first quarter GDP report for the UK showed a slower pace of increase.

This stoked concerns of a potential slowdown in the economy.

However, subsequent revisions showed that the UK’s economy advanced at a pace of 0.2% on the quarter.

While inflation was a bit weak in June, the fact that the UK’s consumer prices are still above the BoE’s 2.0% inflation target rate also justifies the case for a rate hike.

To the downside, the Brexit uncertainty could however keep policymakers debating on the advantages of a rate hike.

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