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An important news event is scheduled for tomorrow viz. BoE Quarterly Inflation Report and as a result my focus would be on GBPUSD pair.
In their last inflation report BoE stated that the economy is expanding at a slower pace than expected and price pressures declined from the previous three months. The slower growth was caused by sluggish expansion in global economies and weaker growth forecast.
The slowdown in the housing market and the low commodity prices weighing on CPI inflation as it dropped from high of 1.9% in June 2014 to 0.5% in December. I am expecting dovish tone in tomorrow's inflation report which could result in sell-off on GBPUSD after this news event.
In their last inflation report BoE stated that the economy is expanding at a slower pace than expected and price pressures declined from the previous three months. The slower growth was caused by sluggish expansion in global economies and weaker growth forecast.
The slowdown in the housing market and the low commodity prices weighing on CPI inflation as it dropped from high of 1.9% in June 2014 to 0.5% in December. I am expecting dovish tone in tomorrow's inflation report which could result in sell-off on GBPUSD after this news event.
