Daily News | Bank of England’s move

Due to Brexit, in the last 30 days the pound fell almost 12 percent, and it seems that it’s going to keep falling. On Wednesday it fell once more, this time against the dollar, and the reason for the latest decline could be the forecast of British second quarter economic growth data. The GDP is expected to have 2 percent year-on-year growth, but there are still a lot of uncertainties that are yet to be clarified. Adam Cole, the RBC Capital Markets analyst, said that the numbers gave us an idea of how the economy was set up going into the referendum, meaning they are not totally irrelevant. According to Cole, those numbers are still feeling the negative influence of the monthly numbers that gave us more accurate image of the post-referendum economy. Anyhow, the pound slipped, its price now at $1.3112, and against the euro it fell 0.3 percent. These negative trends may put a lot of pressure on the currency, so it seems like we have to wait the Bank of England’s next move.

On the other side of the world, the Bank of Japan is still about to make its crucial move. It seems that the fiscal stimulus could be larger than anyone could presume. In order to decrease the value of yen, the Bank of Japan will probably print some extra money. The market is concerned more about the ways this program will be financed than about the proper amount of money that will enter it.

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Author: Max Rothstein

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