Central Banks

BOE Andrew Bailey on the wires

BOE’s Bailey is speaking on a virtual webinar and says:

  • We think risks are all on the downside.  
  • On negative rates don’t know precisely how quickly they could be implemented
  • answer depends on responses from banks to BOE consultation
  • we are not thinking about them in terms of the policy decision now
  • we are asking banks if negative rates would be sensible to have in toolbox

The GBPUSD moved up to test the 50% midpoint of the move down from the September 1 high at 1.30777. The high price reached 1.3082 before rotating back to the downside. The pair currently trades at 1.30624. It would take a move back above the 50% retracement (and stay above) to give buyers more confidence.

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