Global macro overview for 08/10/2015:
There will be a lot of attention focused on central banks today and on the Bank of England in particular. At 11am GMT, the BoE will announce its interest rate decision (0.50% vs. 0.50%), asset purchase facility ( 375bln vs. 375bln), and its official monetary policy summary including official bank rate votes (1-0-8 vs. 1-0-8) and asset purchase facility votes (0-0-9 vs. 0-0-9). As we can see, despite current recovery in the economy and the recent wage growth, market participants expect the BoE to leave their monetary policy unchanged. Nevertheless, the voting results might give some more clues to the markets, whether the BoE members see the recent improvements in economy as more encouraging than a month ago as any change in voting pattern will be a big surprise.
The GBP/USD pair is trading at the technical resistance level of 1.5330 ahead of the data release.
