Forex traders will closely be reading the minutes from the last Bank of England MPC meeting
City Index July 20, 2011 9:58 PM
<p>Forex traders will closely be reading the minutes from the last Bank of England MPC meeting to gauge whether any indication was given to potentially […]</p>
Forex traders will closely be reading the minutes from the last Bank of England MPC meeting to gauge whether any indication was given to potentially extend quantitative easing for a second time, in order to encourage growth.The focus remains on developments on the Greek debt crisis today.
The key event today will be the release of the BoE minutes. Whilst it seems unanimous that the voting pattern will remain unchanged at 7-2 (policy rate) and 8-1 (asset purchase decision), the market will be looking for any discussion on the extension of QE, given the recent bout of weak data from the UK. Another member opting to vote for more QE could allow GBP to test recent range lows of 1.5800-1.5825.
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