More UK Stimulus Probably Needed ‘at Some Point’: BoE’s Shafik

Bank of England Deputy Governor Minouche Shafik played down the likelihood of a further cut in interest rates this year as the British central bank grapples with how aggressively to respond to a slowdown following June’s Brexit vote.

The BoE said earlier this month that most of its officials still thought more stimulus was likely before the end of 2016 if the economy slows as it expects, although it acknowledged that the immediate hit from the vote to leave European Union had been less severe than the Bank had first feared.

But Shafik’s comments on Wednesday could moderate expectations of a move at the Bank’s next meeting in November.

Reuters

EUR/USD – Euro Unchanged, German CPI Next

USD/CAD – Canadian Dollar Listless Ahead of US Durables

Central Bankers, OPEC and Data all Feature Today

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.