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Election result gives green light to August BoE rate cut - GBP to drift lower

Started by forex4you, Jul 05, 2024, 06:22 am

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Election result gives green light to August BoE rate cut - GBP to drift lower

This (in brief) from ING rapid response to the UK election results, based on the exit polling:

  • Election result gives green light to August rate cut
  • Markets are pricing a 60% chance of an August rate cut, and we think that's too low
  • watch out for comments from BoE rate-setters next week, which might seek to boost expectations for an August cut
  • Don't forget that some policymakers thought the decision was finely balanced at the most recent June meeting, and the BoE has played down recent upside surprises to inflation
  • We expect three rate cuts this year, starting in August
  • Bank of England policy plans remain the most important domestic driver for the pound
  • Our call remains for a move to 1.25 in Cable and to 0.86 in EUR/GBP on the back of Bank of England easing this summer

****

Sterling update, barely moved:

The Bank of England next meet on August 1.

After that the balance of 2024 meetings:

  • September 19
  • November 7
  • December 19


                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Election result gives green light to August BoE rate cut - GBP to drift lower

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