Pound Rallies Ahead of
MPC Meeting

Morning Report: 08.45 London

• This morning, the Dollar index is still banging on the door of the highs, while stock markets remain mildly positive.

• This is being helped by ongoing weakness in oil prices as they dip below $45 once again.

• The Australian Dollar remains under pressure after a rise in the unemployment rate.

• The British Pound is the currency to watch today ahead of a vital MPC meeting. Sterling is already looking strong across the board.

                                                                                                                                                                        Coming up today:

• Coming up today, we have UK manufacturing at 09.30.

• This is followed by the BOE inflation report at 12.00, released alongside the official bank rate and statement. BOE governor Carney speaks at 12.45.

• This is followed by US unemployment claims at 13.30.

• We switch back to the UK at 15.00 for NIESR GDP estimates.

Trade Idea:

The Pound and oil heavy Canadian Dollar are still heading in opposite directions, meaning there could be more upside from here for the GBP/CAD.

A good way to play this is a HIGHER trade predicting that the GBP/ CAD closes above 2.0650 in 21 days time for a potential return of 111%.

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