Focus on Bank of England

3 August, 2015

Matthew Boyle

Last week was a fairly busy week on the currency market with US and UK GDP growth figures dominating the news – with both showing growth whilst also leading the way globally in terms of potential interest rate hikes. This week the focus will largely be on the UK and the Bank of England as we see the minutes and MPC vote released for the first time under a new format. Previously the minutes and vote would be releases in the 3rd week of the month but in a change to procedure now these will be released the following day.

Given the comments from Mark Carney last month about an upcoming UK rate hike, many will be watching keenly to see if there is any change to the vote with some analysts predicting as many as 3 could vote this month for a hike. It is likely that some of this may have been priced in to the market with the pound currently strong but certainly if we see a vote of 3 for a hike we can expect the pound to strengthen further.

Aside from the BoE releases we have busy week with Markit manufacturing data from the UK, US and Eurozone and a raft of data from the antipodean currencies. So without doubt we are in for another busy week and any of you with upcoming Aussie or Kiwi dollar requirements may want to keep a close eye.

This week is a particularly busy week in the way of data as we start the new month so speak to your Currency Index broker today for some friendly and professional advice on how to get the most out of your currency transfer.

09.00 EUR Markit manufacturing PMI
09.30 GBP Markit manufacturing PMI
14.25 USD Markit manufacturing PMI
15.00 USD ISM manufacturing PMI and prices paid

05.30 AUD RBA interest rate decision and statement
23.45 NZD Unemployment rate

09.00 EUR Markit services PMI
10.00 EUR Retail Sales
13.15 USD ADP unemployment change
13.30 USD Trade balance
14.45 USD Markit services PMI

02.30 AUD Various employment data
12.00 GBP BoE Interest rate decision, asset purchase facility and quarterly inflation report.
15.00 GBP NIESR GDP estimate

06.45 CHF Unemployment rate
07.00 EUR German imports, exports and trade balance
09.30 GBP UK trade balance data
13.30 USD Unemployment rate
13.30 USD Non-farm payrolls
13.30 CAD Unemployment data