FOCUS OF THE DAY: Bank of England decision!
Dear traders,
At 14:00 Kiev time the decision on the interest rate of the Bank of England will be announced. According to forecasts of most experts, the central bank of Great Britain will increase the interest rate by 0.75% after its increase in November last year to 0.5%.
This increase will be symbolic, since in this case, the Bank of England will raise the interest rate for the first time above the level of the state of emergency set due to the global financial crisis of 2007-2008. However, the potential problems associated with the Brexit approach may force the Bank of England Chairman Mark Carney to make cautious forecasts about further tightening of monetary policy.
Markets predict that the next increase in the interest rate, after the current one, will occur no earlier than a year later.
In addition to information from the Bank of England, analysts expect reports on the index of business activity in the manufacturing and construction sectors (PMI), as well as in the services sector of the UK, to assess new signals about the impact of the exit from the EU on the British economy.
The terms for further cooperation between the UK and the EU remain uncertain eight months before Brexit. At the same time, British Prime Minister Teresa May may be removed from her post by her Conservative Party, whose opinions are divided on how close relations with the European Union should be maintained after leaving the EU. (Investing.com)
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