Bank of England likely to hint at further rate hike

Five taxes to impact savings investment decisions Patel

The weakness of the pound and a surge in food prices continue to add to inflationary pressure in the United Kingdom, with the Bank of England is signalling a faster and steeper rise in interest rates to compensate.

In a letter to chancellor Philip Hammond, governor Mark Carney stated that if the bank's latest forecasts were broadly correct, "monetary policy would need to be tightened somewhat earlier and by a somewhat greater extent over the forecast period than anticipated at the time of the November report".

Notably, the bank's latest inflation report put consumer price growth stubbornly above the BoE's 2% target at the end of the forecast horizon, due in large part to a recovery in oil prices and a robust economic performance, which is projected to offset the effect of a recent recovery in Sterling.

Anyway, we won't have to wait long for the first check point on the data front, as we'll be getting UK January inflation data next week on 13 February, followed by the wage/earnings data on 21 February.

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GBP/EUR, GBP/USD, GBP/AUD, GBP/NZD and GBP/CAD exchange rates have all recorded strong gains.

The Bank of England is expected to keep interest rates on hold later Thursday but hint that another increase could be coming in the spring.

The original expectation prior to the meeting earlier today was that interest rates may rise next in November 2018 but some predictions are that it could now come as early as May which is why the Pound was given a boost.

Against the dollar, the pound rose as much as 0.9% to hit a day's high of $1.4015 after trading flat before the Bank of England announcement, in which the bank kept rates unchanged.

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