The British pound continues its abysmal performance across the board in the aftermath of the Brexit vote.
The British pound is continuing to mark losses across the board with the GBP/USD pair hitting a new post-Brexit low of 1.3114, while the EUR/GBP pair is currently trading around 0.8480. The move lower in the British currency is likely to continue in the coming weeks in the run-up to the Bank of England's monetary policy meeting at which the Monetary Policy Committee's Governor of the Bank of England Mark Carney is expected to deliver a rate cut and possibly an expansion in quantitative easing.
While the Bank of England's officials have stated repeatedly that they don't have a cure-all medicine in monetary policy to mitigate the effects on the economy from a prospective Brexit, the markets are expecting a substantial move.
Last week, Mark Carney stated in a speech: "The result of the referendum is clear. Its full implications for the economy are not."
"The decision to leave the European Union marks a major regime shift. In the coming years, the UK will redefine its openness to the movement of goods, services, people and capital. In tandem, a potentially broad range of regulations might change," he elaborated.
Cable has tentatively stabilized after marking the fresh post-Brexit low and is currently trading around the 1.3130 area. With the British pound trading lower across the board, the incoming trade deficit figures for the U.K. are likely to deteriorate materially, while Barclays has shifted its inflation outlook for the country.
In a report titled "A Radical Change", the British bank's research team states: "The Bank of England MPC will choose to look through the overshoot in CPI (consumer price index) from the UK's decision to leave the EU. In our view, it will instead lean against elevated uncertainty and financial market Volatility with further monetary policy easing. Specifically, we would expect a cut in the Bank Rate by 50bp to zero in Q3 16, likely in August alongside the Inflation Report."
"We think the Bank of England would also be likely to deploy quantitative easing again by increasing the stock of the Asset Purchase Facility (APF) programme by £100-150bn (at present it is £375bn). The future path of interest rates from that point will be heavily dependent on ongoing levels of uncertainty, data response as well as the immediate policy decision following the referendum," Barclays' team concluded.
The British pound is continuing to mark losses across the board with the GBP/USD pair hitting a new post-Brexit low of 1.3114, while the EUR/GBP pair is currently trading around 0.8480. The move lower in the British currency is likely to continue in the coming weeks in the run-up to the Bank of England's monetary policy meeting at which the Monetary Policy Committee's Governor of the Bank of England Mark Carney is expected to deliver a rate cut and possibly an expansion in quantitative easing.
While the Bank of England's officials have stated repeatedly that they don't have a cure-all medicine in monetary policy to mitigate the effects on the economy from a prospective Brexit, the markets are expecting a substantial move.
Last week, Mark Carney stated in a speech: "The result of the referendum is clear. Its full implications for the economy are not."
"The decision to leave the European Union marks a major regime shift. In the coming years, the UK will redefine its openness to the movement of goods, services, people and capital. In tandem, a potentially broad range of regulations might change," he elaborated.
Cable has tentatively stabilized after marking the fresh post-Brexit low and is currently trading around the 1.3130 area. With the British pound trading lower across the board, the incoming trade deficit figures for the U.K. are likely to deteriorate materially, while Barclays has shifted its inflation outlook for the country.
In a report titled "A Radical Change", the British bank's research team states: "The Bank of England MPC will choose to look through the overshoot in CPI (consumer price index) from the UK's decision to leave the EU. In our view, it will instead lean against elevated uncertainty and financial market Volatility with further monetary policy easing. Specifically, we would expect a cut in the Bank Rate by 50bp to zero in Q3 16, likely in August alongside the Inflation Report."
"We think the Bank of England would also be likely to deploy quantitative easing again by increasing the stock of the Asset Purchase Facility (APF) programme by £100-150bn (at present it is £375bn). The future path of interest rates from that point will be heavily dependent on ongoing levels of uncertainty, data response as well as the immediate policy decision following the referendum," Barclays' team concluded.
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!
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
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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!
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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
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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
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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
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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
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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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