The BoE MPC is expected to raise the UK base rate by 25bp to 5.0% at 12:00GMT today. A brief statement outlining the reason for the hike will be simultaneously published on the BoE's website, www.bankofengland.co.uk. Further guidance re: UK monetary policy will be provided by next Wednesday's BoE quarterly inflation report, and the November 22 publication of minutes from this week's MPC meeting. Hawks tip another 25bp UK rate increase in February.
There may be some knee-jerk profit-take selling of GBP/USD post-12:00GMT. Support points include 1.9059 (today's Asian session top), 1.9028 (today's Asian session base), 1.9008 (yesterday's low), 1.9000, 1.8975, and 1.8950. 1.9078 was the European morning peak, scaled in the wake of the Halifax's 08:00GMT disclosure that UK house prices rose by a way above-forecast 1.7% last month. Offers are touted into 1.9100.
Above-figure resistance levels are located at 1.9120/25, 1.9137, and 1.9146. An exotic option barrier resides at 1.9150. The size of September's US trade deficit will be revealed at 13:30GMT. Forecast: $66.0bn, from $69.9bn in August.
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