The Bank of England’s governor Mark Carney has outlined during his press conference after the publication of the central bank’s inflation report that hitting 1% inflation is much more likely than previously thought.
The British pound hit a fresh 13-month low against the US dollar in New York trading today after the Bank of England’s (BoE) Monetary Policy Committee (MPC) published its latest detailed outlook for the UK economy going forward.
Outlining the risks posed by a protracted slowdown in the European economy, which remains the biggest trading partner of the UK, the BoE’s November 2014 Inflation Report asserted that while prospects for above trend growth of the UK economy remained intact, the rates of growth are likely to be slower than previously thought.
Projected rates of GDP growth outlined by the MPC were 3.5% for this year, 2.9% for 2015, and 2.6% for each of the following two years.
At the same time, the Bank of England downgraded its inflation rate forecasts too, implying that the 2% target inflation rate could only be hit towards the end of the forecast period.
Additionally, the Bank of England has implied that it can start raising interest rates only in late 2015, which is substantial backtracking from a couple of months ago when the BoE Governor, Mark Carney, implied at a press conference that raising interest rates in the first quarter of 2015 is a possibility.
That market perception has been completely disseminated along with the prospects for higher inflation in the UK after the Bank of England’s governor stated that the MPC views the possibility of hitting the lower bound of the inflation target rate (1%) in the near future, as much more likely than before.
In Mr Carney's words, “The near-term weakness means that it is more likely than not that I will have to write an open letter to the Chancellor in the next six months on account of the inflation rate falling below 1%.”
This was the news which pound traders did not expect to hear at all - while the growth forecasts pummelled prices lower to test the support levels below 1.59, throughout the afternoon trading in London the British pound was testing the recent 13-month just below 1.58.
There is not much more scope for the British pound to decline against the US dollar in the medium term, however, we could see a test of the key support level around 1.57 in the coming days.
While the U.S. Federal Reserve maintains its hawkish rhetoric, if history is any guide, the Fed will take its time before embarking on a rate hiking cycle.
Previous attempts by the Federal Reserve’s Open Market Committee (FOMC) to hint at rate hikes have notoriously failed and have led to nothing more but yet another round of quantitative easing. Should this worry materialize, the US dollar is likely to start giving back ground across the board and the British pound is likely to be one of the biggest beneficiaries.
The British pound hit a fresh 13-month low against the US dollar in New York trading today after the Bank of England’s (BoE) Monetary Policy Committee (MPC) published its latest detailed outlook for the UK economy going forward.
Outlining the risks posed by a protracted slowdown in the European economy, which remains the biggest trading partner of the UK, the BoE’s November 2014 Inflation Report asserted that while prospects for above trend growth of the UK economy remained intact, the rates of growth are likely to be slower than previously thought.
Projected rates of GDP growth outlined by the MPC were 3.5% for this year, 2.9% for 2015, and 2.6% for each of the following two years.
At the same time, the Bank of England downgraded its inflation rate forecasts too, implying that the 2% target inflation rate could only be hit towards the end of the forecast period.
Additionally, the Bank of England has implied that it can start raising interest rates only in late 2015, which is substantial backtracking from a couple of months ago when the BoE Governor, Mark Carney, implied at a press conference that raising interest rates in the first quarter of 2015 is a possibility.
That market perception has been completely disseminated along with the prospects for higher inflation in the UK after the Bank of England’s governor stated that the MPC views the possibility of hitting the lower bound of the inflation target rate (1%) in the near future, as much more likely than before.
In Mr Carney's words, “The near-term weakness means that it is more likely than not that I will have to write an open letter to the Chancellor in the next six months on account of the inflation rate falling below 1%.”
This was the news which pound traders did not expect to hear at all - while the growth forecasts pummelled prices lower to test the support levels below 1.59, throughout the afternoon trading in London the British pound was testing the recent 13-month just below 1.58.
There is not much more scope for the British pound to decline against the US dollar in the medium term, however, we could see a test of the key support level around 1.57 in the coming days.
While the U.S. Federal Reserve maintains its hawkish rhetoric, if history is any guide, the Fed will take its time before embarking on a rate hiking cycle.
Previous attempts by the Federal Reserve’s Open Market Committee (FOMC) to hint at rate hikes have notoriously failed and have led to nothing more but yet another round of quantitative easing. Should this worry materialize, the US dollar is likely to start giving back ground across the board and the British pound is likely to be one of the biggest beneficiaries.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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