The Bank of England (BOE) will continue with its bond purchases this year, Reuters reports.
The Bank of England is set to pump up its huge bond-buying stimulus plan to more than $1 trillion (£771 billion) Britain’s economy takes a fresh hit from new coronavirus lockdowns and another possible blow from a no-deal Brexit.
On Monday, Bailey said that they “expect a pickup in inflation towards 2% in the next few months”, although they “will need to see evidence trend in inflation is sustainable.”
GBP/USD continues to ease back ahead of Wednesday’s announcement by the US Federal Reserve and Thursday’s announcement by the Bank of England’s monetary policy committee. The BoE will leave both UK interest rates, and its asset purchases unchanged so the principal interest will be on any guidance on how it sees the outlook for economic growth and inflation.
The above comments fail to have any impact on the pound, as GBP/USD holds the lower ground near 1.3865, down 0.19% so far.
Ahead of that meeting, GBP/USD has fallen for three of the past four sessions. Since dropping below the 1.40 level in late February it has failed repeatedly to move back above it so there is no significant resistance at that level and the easiest path for the pair seems to be downwards.
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