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The UK economy has performed very well indeed, especially when compared to all the doom forecast before the referendum. Most of the sectors of the economy have surprised to the upside, only major concern remains with regard to the housing sector.
The Bank of England (BoE) has already fired a bazooka last month by increasing the asset purchase target by £60 billion, including £10 billion asset purchase and most importantly balance sheet funded £100 billion targeted lending scheme. So it is natural for the central bank to wait out to measure the effectiveness of its firing at least for a quarter. In addition to that, like we said that the economic outcome hasn’t been dire to act back to back.
Bank of England (BoE) is scheduled to announce monetary policy at 11:00 GMT.
Policy-wise, not much is expected from BoE other than to maintain it steady. However, it may lay down the measures it is going to take to assure market of lesser uncertainties. We expect the BoE to announce that it is ready to tackle any major turmoil, by further easing.
The most important thing to watch out would be the votes by policymakers, if anyone wants more to be done and how strong are the dovish and hawkish camps. The pound is likely to gain some grounds after the announcement.
