GBPUSD/ GBPJPY: BOE POLICY DECISION & CARNEY SPEECH HIGHLIGHTS
Updated
BOE's policy decision and QIR was largely inline with expectations, perhaps even 10bn better than expected on the QE side - and was very forgiving with hints towards further interest easing, though the stubborn unwillingness to realise negative rates undermined this to some extent. GBPJPY and GBPUSD shorts traded into intermediate TP levels - with GBPJPY unsurprisingly outperforming (implied vol adjusted) given USD weakness, and trading through the 133 handle (132.3 now targeted) whilst cable traded abit more firmly bid struggling to even test the 1.308 pivot, let alone break it - i think we will see a 1.308 key support break tomorrow if NFP comes in hit or beat and I am now waiting for this (gbpjpy shorts closed).
BOE Monetary Policy Decision Highlights:
BOE Aug Minutes: 0 Members Voted to Increase Rate DJ News
BOE: Six Members Voted To Expand QE Program, Three Against
BOE: Forbes, Weale And McCafferty Voted Against Expansion Of QE
BOE: QE Dissenters Saw Risk That Recent Surveys Overstate Economic Weakness DJ News
BOE: Eight Members Voted To Launch Corporate Bond Buys, Forbes Dissented DJ News
BOE: Forbes Concerned By Excessive Stimulus, Risks Of Corporate Debt
BOE: All Members Voted In Favor Of Term Funding Program
BOE: Majority Of MPC Members Expect To Vote For Further Rate Cut 0
BOE: MPC Members See Lower Bound For Bank Rate "Close To, A Little Above" Zero
BOE Aug Minutes: MPC Voted 9-0 To Lower Bank Rate To 0.25%
BOE Aug Minutes: 0 Voted to Keep Rate Unchanged
BOE Aug Minutes: 9 Members Voted to Lower Rate
BOE Signals MPC Not Contemplating A Move To Negative Interest Rate
BOE: Economic Outlook "Has Weakened Markedly" Following Brexit Vote
BOE Makes Largest Cut In Economic Growth Forecast Since 1993
BOE Cuts 2017 Economic Growth Forecast To 0.8% From 2.3% In May
BOE Cuts 2018 Economic Growth Forecast To 1.8% From 2.3% In May
BOE Sees Declines In Business Investment During 2017 And 2018
BOE Sees Business Investment Down 3.75% In 2016 Versus 2.5% Growth In May
BOE Sees Business Investment Down 2% In 2017 Versus 7.25% Growth In May
BOE Sees Housing Investment Up 1.25% In 2016 Versus 4% In May
BOE Sees Housing Investment Down 4.75% In 2017 Versus 5.25% Growth In May
BOE Sees Pickup In Inflation On Weaker Pound
BOE Sees Inflation At 2.1% In 2017, 2.4% In 2018
BOE: Measures Ensure Inflation Won't Fall Below Target In Medium Term
UK Hammond: Prepared To Take Needed Steps To Support Economy
BOE Expands Program Of Government Bond Purchases By GBP60 Bln
BOE Purchases Of Government Bonds Will Take Six Months To Complete
BOE Government Bond Buys Will Take Total To GBP435 Bln From BGP375 Billion
BOE Last Expanded Stock Of Government Bond Buys In November 2012
BOE Launches New Program of GBP10 Billion In Corporate Bond Buys
BOE Purchases Of Corporate Bonds Will Take 18 Months to Complete
BOE Will Buy Non-Financial, Investment Grade Bonds
BOE: Issuers Of Corporate Bonds Must Make "Material Contribution" To UK Economy
BOE Approves Term Funding Scheme To Provide Loans To Lenders
BOE Loans To Banks, Building Societies At "Close To" Bank Rate
BOE TFS Intended To Ensure Cut In key Rate Passed On To Businesses, Households
BOE MPC Sees Room To Expand all Four Stimulus Measures
BOE Govenor Mark Carney et al. Speech Highlights:
BOE Carney: UK Has One Of Most Flexible Economies
BOE Carney: Can't Fully Offset Economic Impact Of Brexit
BOE Carney: Package Of Stimulus Measures Is "Exceptional"
BOE Carney: By Acting Early Can Reduce Uncertainty, Bolster Confidence
BOE Carney: GBP Fall Will Boost Exports, Reduce Imports
BOE Carney: MPC Has Been "Conservative" In New Growth Forecasts
BOE Carney: Package Ensures Stimulus Will Have Maxium Impact
BOE Monetary Policy Decision Highlights:
BOE Aug Minutes: 0 Members Voted to Increase Rate DJ News
BOE: Six Members Voted To Expand QE Program, Three Against
BOE: Forbes, Weale And McCafferty Voted Against Expansion Of QE
BOE: QE Dissenters Saw Risk That Recent Surveys Overstate Economic Weakness DJ News
BOE: Eight Members Voted To Launch Corporate Bond Buys, Forbes Dissented DJ News
BOE: Forbes Concerned By Excessive Stimulus, Risks Of Corporate Debt
BOE: All Members Voted In Favor Of Term Funding Program
BOE: Majority Of MPC Members Expect To Vote For Further Rate Cut 0
BOE: MPC Members See Lower Bound For Bank Rate "Close To, A Little Above" Zero
BOE Aug Minutes: MPC Voted 9-0 To Lower Bank Rate To 0.25%
BOE Aug Minutes: 0 Voted to Keep Rate Unchanged
BOE Aug Minutes: 9 Members Voted to Lower Rate
BOE Signals MPC Not Contemplating A Move To Negative Interest Rate
BOE: Economic Outlook "Has Weakened Markedly" Following Brexit Vote
BOE Makes Largest Cut In Economic Growth Forecast Since 1993
BOE Cuts 2017 Economic Growth Forecast To 0.8% From 2.3% In May
BOE Cuts 2018 Economic Growth Forecast To 1.8% From 2.3% In May
BOE Sees Declines In Business Investment During 2017 And 2018
BOE Sees Business Investment Down 3.75% In 2016 Versus 2.5% Growth In May
BOE Sees Business Investment Down 2% In 2017 Versus 7.25% Growth In May
BOE Sees Housing Investment Up 1.25% In 2016 Versus 4% In May
BOE Sees Housing Investment Down 4.75% In 2017 Versus 5.25% Growth In May
BOE Sees Pickup In Inflation On Weaker Pound
BOE Sees Inflation At 2.1% In 2017, 2.4% In 2018
BOE: Measures Ensure Inflation Won't Fall Below Target In Medium Term
UK Hammond: Prepared To Take Needed Steps To Support Economy
BOE Expands Program Of Government Bond Purchases By GBP60 Bln
BOE Purchases Of Government Bonds Will Take Six Months To Complete
BOE Government Bond Buys Will Take Total To GBP435 Bln From BGP375 Billion
BOE Last Expanded Stock Of Government Bond Buys In November 2012
BOE Launches New Program of GBP10 Billion In Corporate Bond Buys
BOE Purchases Of Corporate Bonds Will Take 18 Months to Complete
BOE Will Buy Non-Financial, Investment Grade Bonds
BOE: Issuers Of Corporate Bonds Must Make "Material Contribution" To UK Economy
BOE Approves Term Funding Scheme To Provide Loans To Lenders
BOE Loans To Banks, Building Societies At "Close To" Bank Rate
BOE TFS Intended To Ensure Cut In key Rate Passed On To Businesses, Households
BOE MPC Sees Room To Expand all Four Stimulus Measures
BOE Govenor Mark Carney et al. Speech Highlights:
BOE Carney: UK Has One Of Most Flexible Economies
BOE Carney: Can't Fully Offset Economic Impact Of Brexit
BOE Carney: Package Of Stimulus Measures Is "Exceptional"
BOE Carney: By Acting Early Can Reduce Uncertainty, Bolster Confidence
BOE Carney: GBP Fall Will Boost Exports, Reduce Imports
BOE Carney: MPC Has Been "Conservative" In New Growth Forecasts
BOE Carney: Package Ensures Stimulus Will Have Maxium Impact
Note
BOE Carney: All Of Elements In Package Can Be Increased BOE Carney: MPC Members See Further Rate Cut Later This Year
Carney: BOE Stands Ready To Take Whatever Steps Are Needed
BOE Carney: Banks Have "No Excuse" Not To Pass On Rate Cut
BOE Carney: "I'm Not A Fan Of Negative Interest Rates"
BOE Carney: No Lower Yield Limit On Bond Buys
Carney: Can't See Scenario Under Which Negative Rates Would Be Contemplated
BOE Broadbent: Sees Small Fall In House Prices Over Coming Year
BOE Carney: Doesn't See "Merit" In Helicopter Money
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