Post Tagged with: "Martin Weale"

This week in the markets: GBP/USD pushes up to 1.51 by Friday

The pound got a boost this week as the minutes from the last Bank of England Monetary Policy Committee cut a hawkish tone. They stated that the decision between holding and raising rates was “finely balanced” for two MPC members.

It is safe to assume that these two members are Ian McCafferty and Martin Weale who last year had voted for an interest rate hike before reverting to keeping them on hold as the UK economy cooled and inflation was driven lower by the collapse in the price of oil. Depending on how the inflation data plays out over the coming months it seems likely we will soon see a 7-2 split in MPC votes, maybe as soon as June. Cable, which was trading at 1.4935 before the release, pushed up to 1.5040 immediately afterwards.

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GDP/USD Forecast Mar. 9-13

GDP/USD Forecast Mar. 9-13

The British pound was hard hit last week, as GBP/USD lost close to 400 points. The pair closed the week slightly above the symbolic 1.50 level. There are 12 events this week. Here is an outlook on the major events moving the pound and an updated technical analysis for GBP/USD. Last week’s pound collapse was more [&hellip

UK: MPC unanimous against rate cut; GBP/USD falls

UK: MPC unanimous against rate cut; GBP/USD falls

There are some surprises from the UK: after two members voted constantly for a rate hike, they now switched back to voting with the majority. This was not expected and dovish for the pound. However, the unemployment rate fell more than expected to 5.8% and average earnings rose by 1.7% (+1.8% ex bonuses), also better than predicted. [&hellip

MPC Meeting Minutes still show 7:2 split, hawkish comments – GBP/USD bounces

MPC Meeting Minutes still show 7:2 split, hawkish comments – GBP/USD bounces

No change in the vote in the UK MPC: two members still voted for a rate hike in November. Other messages are certainly hawkish. The news, coming on top of lower expectations and a lower pound, is sending GBP/USD back up from the lows, from below 1.56 to 1.5625. Update: it’s already a 50 pip bounce. See [&hellip

UK unemployment falls to 6.2%, wages jump – GBP/USD sells the fact

UK unemployment falls to 6.2%, wages jump – GBP/USD sells the fact

UK data looks good, one day before the big referendum: the unemployment rate fell to 6.2%, average hourly earnings rose by 0.6% (both in July) and Claimant Count Change is down 37.2K in August. All the data is better than expected. The MPC Meeting Minutes showed a 7:2 vote against a rate hike, exactly like [&hellip

BOE leaves rates unchanged

BOE leaves rates unchanged

No change from the BOE, as expected. The Bank of England was widely expected to leave the interest rate unchanged at 0.50%, despite two members voting for a rate hike back in August. The Asset Purchase Facility was also expected to remain at 375 billion pounds. GBP/USD remained on low ground towards the publication, trading just above 1.6450. [&hellip

MPC Meeting Minutes Split 7:2 – GBP/USD leaps

MPC Meeting Minutes Split 7:2 – GBP/USD leaps

Two dissenters in the MPC: Martin Weale and Ian McCafferty voted for a rate hike. The 7:2 vote in the 9 strong Monetary Policy is a big change: it is the first time that somebody votes against Governor Mark Carney. This vote raises the chances of an early rate hike, perhaps as early as November. [&hellip

GBP/USD drops 50 pips and loses 1.70 on dovish BOE comments

GBP/USD drops 50 pips and loses 1.70 on dovish BOE comments

The BOE giveth, the BOE taketh away: fresh comments from the members of the Bank of England in a testimony hit the pound on the head. Carney says that the recent sterling strength is not supported by better competitiveness. Bean sees a case for a rate hike later than sooner. These are just the highlights. GBP/USD [&hellip

Martin Weale echoes Carney’s rate comments – GBP/USD recovers

Martin Weale echoes Carney’s rate comments – GBP/USD recovers

In the next MPC meeting minutes, we could see MPC member David Weale leaning towards the hawkish side. He echoes Carney’s comment that rates may rise sooner than expected. GBP/USD is reacting positively to this speech and recovers from 1.6935 to above 1.6950. He says that “May need to raise rates faster than markets anticipate”. [&hellip

This week in the markets: GBP rallies on strong employment data

This week in the markets: GBP rallies on strong employment data

By Alex Edwards at UKForex, an international money transfer service.It was announced on Tuesday that the IMF has raised its UK 2014 growth forecast to 2.4% (from the 1.9% announced in October).  It also raised its global growth forecast to 3.7% and the US growth forecast to 2.8% from 2.6% in October.  Cable rallied from 1.6410/15 to 1.6485.  [&hellip