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A quiet BoE coming up - BAML

FXStreet (Guatemala) - Analysts at Bank of America Merrill Lynch explained that they anticipate the September BoE meeting being relatively quiet.

Key Quotes

"Despite the more hawkish than expected 7-2 vote to leave interest rates on hold in August (with the dissenters favouring a 25bp hike), we anticipate the September BoE meeting being relatively quiet: evidence over the month suggests little reason for more members to support an immediate rate rise, and when the BoE leave policy on hold they typically do not issue an accompanying statement."

"With developments in the labor market particularly important at present, the modest easing in the latest data (though remaining generally robust) may support various BoE members' views to leave monetary policy on hold again in September. In particular, while the unemployment rate fell to 6.4% as the BoE expected, that was aided by a fall-back in the participation rate offsetting softer employment growth."

At the same time, while underlying wage growth rose at a circa 2.5% annualised pace - in line with the BoE's expectations - we think they would want to see a few months of such data before their concerns over continued weak wage growth prospects were assuaged."

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