Bank of England reveals future outlook

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On June 24, at 11:00 GMT, the Bank of England published a Monetary Policy Summary. The bank kept its Official Bank Rate at 0.10% and the Asset Purchase Facility remained at 895 billion GBP. Moreover, the Monetary Policy Committee voted, as the market had expected.

Despite it, some parts of the statement caused a GBP sell off. The selloff could have been caused by the Committee stating that it expects growth and inflation to fall back after a period of recovery.

Quoting the statement: "The Committee's expectation is that the direct impact of rises in commodity prices on CPI inflation will be transitory. More generally, the Committee's central expectation is that the economy will experience a temporary period of strong GDP growth and above-target CPI inflation, after which growth and inflation will fall back. There are two-sided risks around this central path, and it is possible that near-term upward pressure on prices could prove somewhat larger than expected. Taking together the evidence from financial market measures and surveys of households, businesses and professional forecasters, the Committee judges that UK inflation expectations remain well anchored."

Monetary Policy Summary

Bank Rate maintained at 0.1% - June 2021

In the immediate five minutes after the announcement, the GBP/USD dropped by 64 base points or 0.46%. Afterwards, the rate extended the decline up to 81 base point before a recovery started.

Initial Reaction

Larger scale situation

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