Good morning,
The Bank of England will meet today at 12:00 GMT today, and decide on whether or not to push the already record-low interest rates further down, in an attempt to encourage spending in the UK economy. After the emergency cut on the 19th March to take the level to 0.1%, it is expected the rate will hold steady and the bank to remain firm on its bond buyback programme. All eyes will turn to the post-decision press conference, however, where new Governor Andrew Bailey will give his outlook on UK affairs.
Also today, the UK Government will now place the self-employed in their crosshairs by unveiling measures to assist the workers throughout the Covid-19 outbreak. Chancellor Rishi Sunak has been quoted as saying the plan has been “incredibly complicated”, but still standing by the pledge to do what is necessary to help the UK.
Today is another big day for data releases the stand numbers will be the jobless claims number coming from the US. Previously the figure has held steady at under 300,000 month-on-month. However, analysts on Wall Street are predicting this number could top one million and smash the previous record of 700,000 in 1982. GBP/USD is still holding above the 1.19 mark whilst traders await the day’s data.
Have a good day,
Author: Jack Nicholls, Relationship Manager
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