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GBP suffers a later than expected rate hike - Investec

FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, observed the GBP weakness post-BoE.

Key Quotes

"As we flagged up in yesterday’s report we had a trio of important events for GBPUSD during yesterday’s London session. Firstly UK Labour market data showed that job increases could be a function of low wages, as opposed to a force that could drive wages up in the next few months."

"Indeed as we arrived at the second event, the UK Quarterly Inflation Report, the Bank of England seemed to come to a similar conclusion, stating that job gains may continue without causing inflationary pressures and in fact halved their wage growth outlook for 2014. They also moved their focus going forward to monitoring wage growth to decide when inflationary pressures may cause them to begin raising rates."

"GBPUSD, after an initial rally on the text release of Mark Carney's statement, duly fell as investors realised the implications - a 2014 rate hike became a lot less likely, with the risk shifting to a slightly later hike timing than the market was previously pricing, with some analysts estimating February 2015 now."

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