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Forex Flash: Upcoming BoE minutes likely to offer little surprise – RBS

FXstreet.com (Barcelona) - Last week’s Bank of England meeting passed almost without notice, with the decision t leave the policy rate (0.50%) and the level of asset purchases (£375bn) unchanged widely expected. According to Paul Robson, Senior FX Trading Strategist at RBS, “We do not expect the minutes of the meeting (published on 22 May) to surprise, with the vote count looking set to remain at 6-3 in favor of unchanged policy.”

“It seems likely that the June and July meetings will also see much the same (despite Carney’s arrival at the start of July) as the MPC waits to see whether its Funding for Lending Scheme (FLS) has a noticeable impact. Thursday’s BoE Inflation Report looks likely to show inflation a little lower than previously forecast and GDP growth unchanged.” Robson adds.

It will be King’s last press conference, so it will be interesting to hear what he says about the limits of monetary policy or forward guidance.

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