The Brexit bonanza has proved short-lived – pound bulls prematurely celebrated PM Boris Johnson’s climbdown before the Federal Reserve sent the safe-haven dollar higher. Now it is the Bank of England’s turn to move cable – and potentially tilt it lower, FXStreet’s analyst Yohay Elam reports. See – Bank of England Preview: Eight major banks expectations Key quotes “PM Johnson agreed to compromise with the ‘rebels’ in his Conservative Party by agreeing to more robust parliament oversight over the Internal Markets bill. Will Brussels accept the modified version of the bill? The block previously laid down an ultimatum to the UK – rescind the legislation by the end of the month or face sanctions.” “While the world’s most powerful central bank raised 2020 growth forecasts, it downgraded the one for 2021. More importantly, Federal Reserve Chairman Jerome Powell said the current level of bond-buying is appropriate, disappointing investors. He also indicated fiscal stimulus would be useful. That may come earlier than expected following weak retail sales. Weekly jobless claims figures are eyed later in the day.” “Andrew Bailey, Governor of the Bank of England, is projected to leave the interest rate unchanged at 0.1% and the Quantitative Easing program at £745 billion. Markets will be watching the bank’s fresh assessment of the economy moving forward. On the one hand, the recovery beat estimates and unemployment remains low at 4.1% in July. On the other hand, uncertainty about Brexit, the furlough scheme, and the virus – as Northeastern England is hit by new restrictions – may weigh on the outlook.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD pulls away from multi-week highs, holds above 1.3200 FX Street 2 years The Brexit bonanza has proved short-lived – pound bulls prematurely celebrated PM Boris Johnson's climbdown before the Federal Reserve sent the safe-haven dollar higher. Now it is the Bank of England's turn to move cable – and potentially tilt it lower, FXStreet’s analyst Yohay Elam reports. See – Bank of England Preview: Eight major banks expectations Key quotes “PM Johnson agreed to compromise with the ‘rebels’ in his Conservative Party by agreeing to more robust parliament oversight over the Internal Markets bill. Will Brussels accept the modified version of the bill? The block previously laid down an ultimatum to the UK – rescind the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.