Although no changes to interest rates are expected all eyes will be focused on what is said regarding the quantitative easing programme.
Most analysts are expecting the BOE to announce pumping an extra £25billion into the economy this lunchtime and it may have already been factored into the market as the markets do move on rumour as well as fact. Should the BOE decide to go a little further and pump £50billion into the economy this could lead to major Sterling weakness however on the other side of things should they decide to leave any further QE for the time being we could see Sterling really rally.
My personal opinion is that it is a coin toss as to what will happen, if you go with the form of previous months the BOE will probably look to pump more money into the economy, leading to Sterling losing ground.
If I had to stick my neck out I would say that they are going to surprise us and hold fire with QE and see what happens over the next month.
Data of late has been much improved and personally as many major economists have mentioned it is working it is worth giving it more time to filter through.
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