GBP/USD expects Bank of England rate

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The United States Federal Reserve hiked its Federal Funds Rate by 0.50%. The market consensus forecast was a 0.50% hike, which has brought the rate from 4.00% up to 4.50%. The initial rate hike caused a surge of the US Dollar, drop of the equity markets and surge of peer currencies. The event was followed by the press conference of the Chairman of the US Fed. As the head of the central bank made his speech, the initial move extended and the US Dollar surged, moving the rest of the markets down.

The GBP/USD was trading between the 1.2350 and 1.2400 levels. However, before the Thursday's 12:00 GMT announcement of the Bank of England, the rate had declined to 1.2300.

The Bank of England is set to release its Official Bank Rate at 12:00 GMT. The central bank is expected to hike rates up to 3.50% from 3.00%. Expect the GBP to react to the event with high volatility.
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