News Image GBP/EUR Weekly Outlook 20th - 24th January.

Currently the markets believe there’s a 70%+ chance of this happening. Same as last week, this week’s economic data will be closely watched for more signs that the UK economy is slowing which could push the other BoE members into cutting interest rates sooner rather than later. 2 out of the 9 members have voted for a cut in the last two meetings. Since then other BoE members have voiced their concerns and look likely to join the two looking to cut interest rate if this week’s data fails to show improvements. (Historically when a central bank looks to cut its key interest rate, its currency would devalue, this is why the markets are paying so much attention to what the BoE and ECB are saying).

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