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Bank of England Prepares to Cut Rates into Uncharted Territory

The Bank of England looks ready to cut interest rates for the first time since 2009 on Thursday, seeking to stop Britain’s vote to leave the European Union from kicking the country into recession.

It may even go a step further and pump billions of pounds into financial markets.

Economic surveys have pointed to a sharp slowdown since the BoE wrong footed markets just over two weeks ago, when it kept rates on hold while it considered a bigger, unspecified package of stimulus, which policymakers said was likely in August.

Reuters [1]

Gold Edges Higher as US Manufacturing, Construction Numbers Disappoint [2]

Statement by Glenn Stevens, Governor: Monetary Policy Decision [3]

Irish Manufacturing Growth Slips to Three-Year Low on Brexit – PMI [4]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [8]

Senior Market Analyst, UK & EMEA at OANDA [9]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all [8])