Forex Flass: BoE will 'probably' do nothing – Societe Generale

“The UK’s MPC will ‘probably’ do nothing to either policy rates or the extent of gilt buying,” says SG analyst Kit Juckes, referring to upcoming BoE meeting at 12:00 GMT today. “If they do anything, it will be increase gilt purchases by by a further GBP 25bn. There will be no press conference, so it’s a bit binary,” adds Kit.

With latest FT article suggesting more easing is in the pipeline, Cable broke below previous 2013 lows printing a fresh one at 1.4964, in what is already a “crowded trade,” the analyst says, suggesting: “At the bare minimum, GBP bears should keep their stops tight,” he concludes.