4:30am UK MPC Meeting Minutes Forecast 0-0-9 Previous 0-0-9
ACTION: GBP/USD Depending on Market Reaction
MPC or Bank of England (BOE) Monetary Policy Committe will be issuing their meeting minutes over the Rate Decision meeting held two weeks ago along with the actual vote count over various issues discussed. Last rate decision MPC decided to leave everything unchanged, including the actual interest rate and their Asset Purchase Facility program. Ever since the last rate decision, investors have been paying more attention to the APF program than usual as it was a complete surprise for BOE to increase it at the height of optimistic consumer sentiment. Therefore undoubtedly today, market will likely to move based on any discussions concerning QE programs…
Update: MPC Minutes vote on both Stimulus and Interest rate were unanimous and there were no mention of cutting down the deposit rate or possibility of further increase in the stimulus package. Market took this as a sign of GBP bullishness, and even though I had no plan to BUY GBP, upon looking at market reaction, I decided to go long on GBP/JPY after a decent retracement. Ended up with an entry at 1.4923 for 20 pips of profit on video, but in the trade room I was able to make close to 35 pips as the market keep on pushing GY up… Never down more than the spread.