Bank of England hawks and doves ahead of the Bank of England rate meeting
BoE meeting in just under an hour
Quick crib sheet with the Bank of England meeting ahead.
Outside chance Saunders votes for more QE today.
Rough expectations are as follows
- No change to rate or asset purchase level
- No mention of neg rates as they are 'in the toolbox'
BUT with downward pressures on UK economy from the labour market in particular there is a view that further easing is to come. Bloomberg has it more likely down for November. However, the risk is that those changes come today (rate cut and or asset purchases). So a sell on stop 25 points below price on the GBPJPY pair would make sense with 135.40 vulnerable to a break. That order would be executed by sellers if a rate cut happens. Otherwise it will be cancelled.