The pound started off on the wrong foot this week as it gapped down over the weekend. It managed to rally to a high of 1.5773 right before the London session, but was unable to keep it up once U.K. started releasing some data.
U.K.'s mortgage approvals report came in worse than expected as the number of new approved mortgages in September amounted to 31,100. This was less than the expected 31,600 figure and the previous month’s 31,800 reading. According to the BBA, this was also less than the average mortgage approvals for the past six months. Tsk tsk.
Meanwhile, in his speech at the Buttonwood Gathering in New York, BOE Governor Mervyn King spoke about financial reform and noted that UK banks need much more equity to prevent further bailouts.
Today is another big day as the U.K. is set to release its GDP reading for the third quarter. A mere 0.4% uptick is expected, which is a bit measly compared to the 1.2% growth in the second quarter. A weaker than expected reading could remind traders that the BOE is looking to implement further easing measures, which could lead to a pound sell-off. Stay tuned for the actual report due 8:30 am GMT.
Yipee! The pound was in a cheery mood yesterday after the U.K. reported a stronger than expected GDP reading for the third quarter. Cable jumped up to a high of 1.5896 minutes after the release while guppy climbed towards the 129.00 handle.
The U.K. economy expanded by 0.8% during the third quarter of this year, twice as much as the projected 0.4% increase. Although the recent GDP reading is still lower than the 1.2% expansion in the previous quarter, the better than expected figure eased fears of another round of quantitative easing by the BOE. On an annualized basis, their economy grew by 2.8%, marking its fastest pace of increase in almost three years. What a good day for the pound!
The question is: Would this growth be sustained or do all good things come to an end? After all, my buddy Forex Gump did mention that the stage is already set for a massive amount of spending cuts in the U.K.
But before we get ahead of ourselves, let’s see what’s on the economic schedule for the U.K. today…
It looks like the coast is clear in terms of economic releases but keep your ears peeled as Monetary Policy Committee member Charles Bean testifies during the Annual Statistic User Forum in London at 9:20 am GMT. Does he have any comments about the recent U.K. GDP report? What is his stand on further easing? Which NBA team is he rooting for? All good questions dear reader, and who knows? He might just answer all of them during his speech so stay tuned!
The pound hit the pause button on its rally as it tasted its first loss for the week against the Greenback yesterday. Words of concern from the BOE and Greenback strength held GBP/USD down, forcing it to drop from its opening price of 1.5840 to end at 1.5765.
BOE Deputy Governor Bean was partially responsible for popping the bulls’ bubble when he reported that investment has “fallen sharply.” He went on like a machine gun, just shooting out bad news one after another. He said consumer spending has been slouching due to an increase in savings, the labor market looks like it has spare capacity, and that U.K. productivity growth has been weak lately. What a party pooper!
Maybe today’s releases can give the pound a lift. At 6:00 am GMT, the U.K. is scheduled to roll out its Nationwide house prices index. If October prints better than the expected 0.3% decline following last month’s 0.1% rise, maybe the pound will continue its rally, eh?
Then at 10:00 am GMT, we take a look at the CBI distributive trade report, which is slated to print a decline from a reading of 49 to 35 for this month. It’s interesting to see if results for October will confirm Bean’s statement that consumer spending is in a slump.
You’d better stay up late tonight because the GFK consumer confidence report is due at 11:01 pm GMT. According to forecasts, consumers were less confident in October, so expect to see the report’s reading fall from -20 to -22.
That’s all for today! Now go out there and bag some pips!
The pound pulled off a Cain Velasquez on the charts yesterday as it choke-slammed 175 pips out of the dollar. Rawr! GBP/USD kick-started the day at 1.5765 and by the end of the New York session, it was up at 1.5940.
As you’ve probably heard by now, the “dollar-averse” sentiment is back in vogue in the FX hood thanks to talks about QE2. Naysayers point to this as one of the primary reasons for the pound bulls’ impressive hustle on the charts despite the 0.7% plunge in house prices that Nationwide reported for October when the market was expecting prices to have been flat during the month. Tsk, tsk.
We also saw that sales by retailers and wholesalers were lower in October than they were in September with the CBI Distributive Trades index printing at 36.0, following its previous reading at 49.0. Then again, maybe it was enough for traders that it beat the 35.0 forecast.
See if today’s roster of economic reports will help the pound continue its rally against the dollar.
At 8:30 am GMT we have the BOE’s September reports on secured lending which is eyed at 1 billion GBP, and mortgage approvals which is anticipated to come in at 46,000.
Checking out our spankin’ economic calendar, I see that the bank will also report on net consumer credit for the month. Note that a figure better than the -0.12 billion GBP reading for August will probably be bullish for the currency.
Be on your toes for these hollers as they may just reel you in some made pips. Peace out y’all!
Like my brotha Nelly, the pound was left wondering last Friday if its gains early last week was just a dream. It might have gained 84 pips on the greenback at 1.6024, but it was no match for the euro with a 10-pip loss at 1.8685 and a 22-pip loss against the yen at 128.95.
The mortgage approvals report weighed on the pound last Friday when it clocked in at 47,474, which is a bit lower than August’s 47,498 figure. Data on consumer lending also spread the gloom when it only printed at 400 million GBP after showing a 1.6 billion GBP figure last August. These highlighted concerns that U.K.’s consumers are feeling the pressure of the government’s budget cuts, and drove the currency bulls away like a monster at Halloween (no I’m not talking about you, Pipcrawler).
Maybe the pound can take a few more shots at making some pips this week with all the economic reports lined up. The reports will start today at 9:30 am GMT when the manufacturing PMI is released. The figure is estimated at 53, a bit down from its 53.4 figure last September.
The construction PMI tomorrow at 9:30 am GMT will follow the parade of PMIs, and a figure higher than last September’s 58.2 number might get the party started for the pound. Next, we have the BRC shop price index on Wednesday at 12:01 am GMT, followed by the services PMI at 9:30 am GMT.
The Monetary Policy Committee members will take center stage on Thursday when they announce their interest rate decision at 12:00 pm GMT. While market geeks expect the interest rates to remain at 0.50%, it would be interesting to look for clues from the MPC members on whether or not they will follow the footsteps of the U.S. Federeal Reserve and launch their own version of quantitative easing.
The producer price index report on Friday at 9:30 am GMT is the last of the week’s parade, and a number higher than the expected 1.0% rise could push the pound higher in the pip charts.
Don’t even think of missing these reports! Happy trading, kiddos!
“It was the best of times, it was the worst of times.” Looking at yesterday’s charts, I see the pound seems to have taken a page out of Charles ****ens’ book. It experienced both ups and downs yesterday! GBP/USD formed a virtual doji as it settled just 12 pips lower for the day at 1.6036, after hitting an high of 1.6090 and a low of 1.5992. On the other hand, GBP/JPY had flown to as high as 128.87 before sellers erased its gains and pushed it back down to close at 129.10, just 23 pips higher for the day.
The lone release from the U.K. was the October manufacturing PMI. Coming in at a reading of 54.9, not only did the latest results blast forecasts for a reading of 53, but it also beat September’s record of 53.4. In your face, September!
This is particularly uplifting as this marks the first monthly rise in the index since May this year. This might be one of the reasons, together with high inflation, why there are those that believe the BOE won’t push through with further quantitative easing when they meet later this week.
Up ahead, the Halifax HPI for the month of October is due to show a 0.6% rise in house prices later today. After seeing a 3.6% decline in September, pound bulls will be eager to rally at the site of better-than-expected figures.
Then at 9:30 am GMT, CIPS is set to publish its construction PMI, and analysts believe the index will drop from 53.8 to 53 in October. It will be interesting to see if the construction industry can mirror the manufacturing industry’s upside surprise, don’t you think?
The pound was hustlin’ early during yesterday’s trading as it tapped its intraday high at 1.6081, before the dollar made a comeback like the McDonald’s McRib sandwhich. Duhn, duhn, duhn! GBP/USD then hit rock-bottom at 1.5962, ending the day at 1.6041 with a puny 5-pip win for the pound.
Drats! The pound could have snatched a bigger win from the Greenback if it wasn’t for the disappointing construction PMI for October.
Yesterday we saw that construction activity slowed during the month as the index hit its 8-month low at 51.6, and disappointed the market’s forecast which was at 53.0. Tsk, tsk. This might have ticked off a few bulls as the disappointment may just give the BOE one more reason to pull the QE trigger.
Having said that, you may want to be on the take note of today’s economic reports and see how they could affect the central bank’s decision tomorrow.
Earlier, we saw that retail prices in some stores increased by 2.2% on an annual basis in October according to a report by the British Retail Consortium. This is good news to the pound bulls as this implies that inflation was higher during the month than it was in September when the figure was only at 1.9%.
Later at 9:28 am GMT, we’ll get a glimpse of how the services sector is faring with the results of Markit’s purchasing managers’ survey. Analysts are anticipating to see that activity slowed a tad bit in October, with the consensus for the services PMI at 52.6, slightly lower than September’s 52.8 reading.
Be on your toes for a report on the housing industry as well. Halifax will be releasing its house price index anytime between today and Saturday around 8:00 am GMT. Note that a figure lower than the 0.6% growth forecast will probably send the pound into the bear lair as that would imply that the U.K.’s housing sector could be losing its flare. Hey, that rhymes! Ha!
That’s all I have for y’all today. Peace out!
Did you smell what the pound was cookin’ in yesterday’s trading? If you answered pips, then give yourself a pat on the back! It tapped its 10-month high against the dollar at 1.6174 before calling it a day with 41 pips at 1.6082. Boo yeah!
The services PMI for October made the currency look tasty when it came hot off the press at 53.2, and beat both the 52.4 consensus and the 52.8 reading for September. How, you ask?
My bet is that it got traders craving for the pound as the positive report could give the BOE one more reason not to follow the Fed’s QE-move when it announces its interest rate decision later at 12:00 pm GMT.
The bank’s policy decision is the only event that we have for the currency today so make sure that you’re on your toes for that!
A no-QE recipe from the BOE will most probably send the pound binging on pips as bank’s monetary stance would be divergent from that of the Fed.
Now, you wouldn’t want to miss out on that a treat, would you?
As expected, the BOE announced yesterday that it decided to keep rates at 0.50% and not expand its bond-purchase program. The bank’s move gave the market confidence that U.K. is in somewhat good shape, and does not need any additional stimulus, which led to a nice bull rally. By the end of the U.S. trading session, GBP/USD had found its way to 1.6268, roughly 180 pips higher from its opening price during the Asian session.
Another important piece of data that was released yesterday was the Halifax house price index. It showed that house prices jumped 1.8% in October, three times higher than initially expected and opposite the 3.6% drop seen the month before.
U.K.’s economic calendar for today is pretty light, with only the PPI reports coming out. The market expects the Input PPI (change in the price of goods and raw materials BOUGHT by manufacturers) to climb by 0.9%. On the other hand, the Output PPI (change in the price of goods SOLD by manufacturers) is predicted to rise by 0.2%.
That’s about it for U.K. today… but also make sure to check out my U.S. roundup. The mother lode of all economic reports, the non-farm payrolls, is coming out today, which means we’ll be seeing a lot of volatility across the charts. Be careful!
Not so fast, pound! GBP may have reached a new high against the USD last week but it was forced to return some of its gains on Friday as the U.S. churned out better than expected employment data. Because of that, GBP/USD dropped from a high of 1.6295 and closed at 1.6185.
U.K. economic data came in stronger than expected, with producer input prices posting a 2.1% increase. Output prices also posted an uptick of 0.6% in October. However, the BOE expects these inflationary pressures to fade once the spending cuts kick in. That explains why the central bank isn’t in a hurry to hike rates even if producer prices posted their highest leap in six months. Still, the pound seemed indifferent to this report as it lost some of its gains to the U.S. dollar when the NFP report was released.
This week, the U.K. is set to release a fresh bunch of economic data. On Tuesday, three big reports are on deck. These are the BRC retail sales monitor, manufacturing production, and trade balance figures. The retail sales monitor printed a 0.5% year-over-year rise in September and another uptick could be seen for October. Manufacturing production, which is due 9:30 am GMT, is estimated to show another 0.3% increase. Their trade balance, which is also due 9:30 am GMT, could reveal that their deficit narrowed slightly in September.
Wednesday has the Nationwide consumer confidence data and BOE inflation report on schedule. The index of consumer confidence dipped from 61 to 53 in September, and another drop could be damaging for the pound. As we all know, if consumers aren’t confident with their economic outlook, it could restrain spending and overall economic activity. Meanwhile, the inflation report would contain the central bank’s thoughts on the recent upsurge in producer prices, as well as their outlook for future inflationary pressures.
That’s it for the pound’s week! If you’re planning to trade those news reports, make sure you manage your risk properly and watch out for any surprises!
Apparently, the market thought losing pounds was sexy during yesterday’s trading. Ha! The pound joined the rest of the majors on the dollar-losers’ bench when GBP/USD tumbled 58 pips to its closing price of 1.6131.
Some naysayers are speculating that the lack of economic reports from the U.K. left the currency vulnerable to [market sentiment](http://www.babypips.com/school/what-is-market-sentiment.html) and caused it its loss. But perhaps zero news is better than bad news because earlier today, the pound came under selling pressure when a disappointing report was released. Duhn, duhn, duhn, duhn!
[RICS’ housing survey](http://www.babypips.com/forexpedia/RICS_House_Price_Balance_-_United_Kingdom) showed that house prices declined by 49.0% in October and fell short of the market’s -39.0% forecast. Yikes!
On a brighter note though, we saw that consumer spending was up by 0.8% on an annual basis in October, following a 0.5% increase in September in the BRC’s retail sales report.
See if the pound will get some support with the second batch of economic hollers we have on tap today.
Later at 9:30 am GMT, we have the manufacturing and industrial production reports for September. Manufacturing activity is seen to have increased by 0.3% during the month while the overall industrial sector is projected to have grown by 0.5%.
The [trade balance report](http://www.babypips.com/forexpedia/Trade_Balance) for the same month will also be released. Analysts are expecting to see that [imports](http://www.babypips.com/forexpedia/Imports) still outpaced [exports](http://www.babypips.com/forexpedia/Exports) by 7.9 billion GBP after the report for August showed an 8.2 billion GBP trade deficit.
Lastly, we’ll have the [NIESR GDP estimate](http://www.babypips.com/forexpedia/NIESR_GDP_Estimate_-_United_Kingdom) for October at 3:00 pm GMT. An upward revision in the previous 0.5% estimate for the third quarter will probably have a bullish effect on the currency, so watch out for that!
Be on your toes my forex friends, good luck!
Look down belooooow!!! The pound plunged against its major counterparts yesterday after bad economic reports from the U.K. and risk aversion reared its heads in the markets. GBP/USD slipped by 142 pips at 1.5988, while GBP/JPY reached an intraday low of 129.83 before leveling off to 130.84.
It seemed that traders were none too happy about the less-than-stellar economic reports yesterday. For one, the manufacturing report for September only rose by 0.1% when the markets already pegged the figure at 0.3%.
The trade balance report also didn’t help the sterling when it only improved to a trade deficit of 8.2 billion GBP from its 8.5 billion GBP figure in August. Hmm, is this because market geeks expected a drop to 7.9 billion GBP?
The last disappointment was the NIESR GDP report. The NIESR estimated the GDP growth at 0.5% for October, which was less than September’s 0.8% figure.
Will the pound have any chance at taking back those lost pips? Only the Bank of England inflation report due at 10:30 am GMT is scheduled for release today, along with the Bank of England Governor Mervyn King’s speech in London.
Currency bulls and bears are gonna be watchin’ this report as the topic of additional stimulus by the BOE continues to trend in the markets. A stubbornly high inflation rate could inspire more talks of QE, and might push the pound lower in the pip charts.
Keep yo eyes glued to the tube!
Now that’s what I’m talking about! The pound sharply gained against its major counterparts yesterday after the Bank of England’s inflation report showed that the BOE members aren’t as excited for quantitative easing as market geeks first estimated. GBP/USD soared to an intraday high of 1.6137 before leveling off at 1.6118. Meanwhile, EUR/GBP plummeted by 69 pips at .8549.
Yesterday BOE peeps announced in their monthly inflation report that chances for a quantitative easing is still a coin toss among its members. After all, growth in the U.K. is expected to exceed its historical averages in the near future even if inflation is still a pain in the BOE’s behind. The uncertainty over a QE suggested that the U.K. economy might not need one after all, so the pound bulls charged and pushed the currency higher against its major counterparts.
The U.K. will take a break from all the action today as the market focuses on the big G20 meeting in Korea, but be on your toes for any surprises!
And just like that, kaboom! The pound posted its sixth consecutive win against the euro, ending yesterday’s trading at .8477 with a 72-pip gain. Boo yeah! It also gave up the least pips to the dollar among the major currencies as GBP/USD closed only 6 pips lower at 1.6112.
So what has gotten the pound rockin’ the charts? Some naysayers think that the absence of economic reports for the currency left traders nostalgic of the [BOE](http://www.babypips.com/forexpedia/BOE)’s less-[dovish](http://www.babypips.com/forexpedia/Dovish)-than-expected words. But I don’t know if we’ll see much pound-lovin’ today.
Earlier, the [Nationwide Consumer Confidence](http://www.babypips.com/forexpedia/Nationwide_Consumer_Confidence_-_United_Kingdom) report for October showed that some of our chaps over there in Britain strutted their wallets with less swagger than analysts expected. The actual figure came in at 52.0, missing the market’s 55.0 forecast.
Our [economic calendar](http://www.babypips.com/tools/forex-calendar/) shows that we don’t have any data left on tap for the currency so be extra careful in betting your pips on it. You may also want to keep an ear out with what’s going on in the [G20](http://www.babypips.com/forexpedia/G20) meeting as this may bring about unexpected [volatility](http://www.babypips.com/school/volatility-stop.html) on the charts.
Whew! That was a close one! The pound managed to edge higher against its major counterparts last Friday even with the mixed economic reports from the U.K. GBP/USD dropped to an intraday low of 1.5968 before closing 24 pips higher at 1.6137. Meanwhile, EUR/GBP reached an intraday high of .8560 before ending the day at .8586.
Last Friday the Nationwide consumer confidence report showed a slight drop to 52 from its index figure of 53 last September. The slip was caused mainly by the present situation optimism offsetting the drop in expectations figures. The report revealed that while consumers are more confident at buying assets like cars, they’re still cautious about the stability of the economic recovery.
But it seemed that the currency bulls weren’t done with their party just yet. The bulls pushed the pound higher against its counterparts after a bit of risk aversion in the early trading sessions rained on the sterling’s parade.
We’ll see if the pound can keep up the gains this week when a lot of exciting reports are released. The Rightmove house price index already popped up in the markets a few coffee cups ago, and it revealed a 3.2% drop in November, down from the 3.1% rise in October. Hmm, maybe the consumers had reason to be cautious after all.
No other economic report is scheduled in the U.K. today, but keep an eye out for the other big reports coming up this week. The CPI report and the BOE inflation letter are due tomorrow, while the jobless claims and Monetary Policy Committee meeting minutes are scheduled on Wednesday.
On Thursday, we’ll see the public sector debt figures along with the retail sales report at 9:30 am GMT. Meanwhile, the U.K. will take a break from economic reports on Friday when no report is scheduled for release.
Happy trading kiddos!
Drats! The pound slipped by 74 pips against the greenbackyesterday when not-so-stellar economic reports from the U.K. popped up in the markets. Good thing the sterling managed to gain 45 pips on the yen at 133.49 and 40 pips on the euro at .8457.
Yesterday the Rightmove house prices report showed that home prices fell by 3.2% in November, its sharpest drop since December 2007. This fueled concerns of a shaky economic recovery in the U.K., and attracted the currency bears into pushing Cable lower.
Today the pound will have its chance at getting ahead of the greenback when the CPI report is released at 9:30 am GMT. The inflation rate is expected to remain stubbornly high at 3.1%, but a higher number might urge the Bank of England to get creative moderating prices since it more or less left out quantitative easing as an option in its inflation report last week.
The local government’s house price report will also be released at 9:30 am GMT. House prices are projected to increase by 8.9% in September, but a lower figure could increase concerns on the U.K.’s housing market, and might draw the attention of more currency bears.
Watch your trades closely, forex peeps!
Oh King! How could you! It looks like speculations that the BOE will do another round of quantitative easing is back on track as BOE Governor Mervyn King said yesterday that additional stimulus measures is definitely in the cards as U.K.’s inflation rate will probably slow “significantly” in the next two years. GBP/USD closed the day at 1.5887, 159 pips lower from its opening price.
The odd thing about King’s statement is that earlier that day, U.K.’s CPI for October showed that its inflation rate actually climbed to 3.2% from 3.1% in September. Remember, a rising inflation rate is usually associated with increasing interest rates.
I don’t know how this will play out in the future, but for now keep an ear open for any comments from BOE officials. While data may support the “no QE camp”, it’s ultimately up to the people in the BOE to decide what to do.
We’ve got a couple of important data releases on the cupboard today, namely the Claimant Count Change and the MPC Meeting minutes.
The Claimant Count Change, which will come out at 9:30 am GMT, is predicted to show that 6,000 more people claimed for unemployment benefits in November. If the actual figure comes in higher, then expect to see the pound to post another round of losses.
On the other hand, the MPC meeting minutes, which will be released at the same time, is expected to show that 1 voting member wanted a rate hike while 8 members were in favor to keep rates unchanged. Given the market’s reaction to King’s statement yesterday, I’d keep a close watch on this report. If it reveals that voting members are leaning towards more QE, then say hello to the pound bears…
If you’re a range trader, then you probably just loved how Cable bounced around a tight range yesterday! Thanks to mixed results on economic data from U.K., Cable was stuck trading between its resistance at 1.5950 and support at 1.5850. Judging from how Cable has been falling lately, I’ll consider this as a small victory for the pound bulls. Hah!
The Claimant Count Change showed that the number of people who claimed for unemployment benefits in October fell by 3,700, opposite the 6,000 addition initially expected. Declining unemployment claims is usually considered positive for the pound, as it means that the number of unemployed people is falling too.
Unfortunately, the improvement in the labor market was not reflected in the unemployment rate report, as it showed that joblessness in U.K. still remained at 7.7%.
For today, the market-moving data will start coming out at 8:30 am GMT.
Firstly, there’s the retail sales report. Scheduled to print at 8:30 am GMT, it is expected to show an increase of 0.4%. Meanwhile, The “ex-fuel” version of the report that excludes gas sales in its computation is slated to show a 0.2% rise. Then, at 11:00 am GMT, there’s the CBI Industrial Trends survey. The survey is predicted to print a reading of -24, less worse than last month’s reading of -28.
Between the two, pay closer attention to the retail sales report. The retail sales is a very important economic indicator because it directly reflects how consumers, the lifeblood of the economy, are behaving. Better-than-expected results are typically considered bullish for the pound as it means that economic activity is picking up. Be careful out there!
Boo yeah! The pound choke-slammed its way across the board yesterday when it rose against the major players in the charts. GBP/USD rocketed 148 pips higher at 1.6042, and GBP/JPY flew by 152 pips at 133.96. Heck, even GBP/CHF posted a 213-pip gain at 1.5992!
Not too shabby for an economy that printed mixed economic data, eh? Yesterday’s public borrowing report revealed a decrease to 9.8 billion GBP, down from the 14.4 billion GBP the government borrowed in September.
The retail sales report also showed an upside surprise when it increased for the first time in three months. The data printed a 0.5% rise after falling by the same rate last September after consumers bought more sports gear and games. Hmm, is this because the NBA playoffs are getting more interesting?
Other reports that factored into the mix were the dip of mortgage approvals to 44,000 from 47,000 last September, and the huge improvement of CBI industrial order expectations from an index figure of -28 to -15 this October.
No other report is scheduled for release today, but keep close tabs on Monetary Policy Committee Paul Tucker as he gives his speech in Frankfurt. We just might get more clues on a possible QE in the U.K.!
Down goes the pound for another round! Concerns over the U.K.’s inflation situation kept the pound from gaining ground. (My rhymes be sick yo!) Cable nosedived at the start of the London session, but recovered slightly during New York trading. When all was said and done, it finished 54 pips lower for the day at 1.5988.
The highlight of the day for pound traders was MPC member Tucker’s speech. In his short spiel, Tucker echoed the BOE’s belief that inflation should eventually fall below its target of 2%. He added that even though current inflationary pressures are “temporary,” the central bank will need to monitor conditions carefully to ensure that inflation expectations don’t rise. But something tells me this may be a difficult task to accomplish seeing as the implementation of a VAT increase is just a few months away.
It looks as though we’ve got a light week ahead of us in the U.K.
The first hard-hitting report, and probably the most important for the U.K. this week, is the second estimate of the Q3 GDP. Analysts say we’re likely to see no changes made to the 0.8% quarter-on-quarter growth we previously saw. But if you recall, we saw downward revisions to recent retail sales and trade reports for the months of Q3, so a downward change to GDP isn’t a complete impossibility. Catch it on Wednesday at 9:30 am GMT.
Then on Thursday, tune in to listen to BOE Governor Mervyn King and a few MPC members testify before the Treasury Committee regarding the country’s inflation situation. The inflation hearings will be held at 10:00 am GMT and could give us valuable insight on what the central bank plans to do next.