The BOE is expected to maintain the current interest level of 0.75%, and the market is preparing for the central bank's chairman Mark Carney and his scheduled post-decision statement. Carney is expected to comment on the bank's most recent expectations about the country's economic stability post-Brexit.
In its March statement, the BOE commented on the mixed-picture of both global and local economic uncertainties and financial expectations. On the one hand, the central bank mentioned that the global economic sentiment was softening and the prospects for sustained growth were looking increasingly better following the ongoing slump in international trade. The accommodative strategies that were implemented by some economies have had the desired softening effect for the international trade, and as a result, the BOE hinted that the situation was developing for the better.
On the other hand, due to the constant uncertainties surrounding the Brexit’ ongoing developments, UK asset prices and the exchange rate of the sterling have become increasingly volatile.
“Brexit uncertainties also continue to weigh on confidence and short-term economic activity, notably business investment."
For that reason, it is highly unlikely for the BOE to choose to raise the interest rate given these particular circumstances, even with the current inflation rate of 1.9%. This Thursday the highest amount of volatility can be expected to be triggered during Mark Carney’s speech and his expectations for the economic stability and business confidence following the newest divorce deadline of 31st of October.
The FTSE100 is currently trading within this range and Carney’s expectations for future impact on the British stocks from the Brexit negotiations can influence the price formulation of the index.
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