Some profit-taking; BoE to announce more asset purchases – Saudi Gazette

Some profit-taking; BoE to announce more asset purchases – Saudi Gazette

The means there is some extra spending for the UK government on the horizon, and the Bank of England (BoE) should throw its pinch of salt to maintain the favorable conditions to support the financial markets.. The Bank of England (BoE) is expected to maintain the benchmark rate unchanged at the historical low of 0.10% and to expand its asset purchases program by at least 100/150-billion pound at today's monetary policy meeting.. While the BoE's near zero rates and massive asset purchases should push the consumer prices higher the inflation will probably not be a cause for concern in the foreseeable future.. Any rise in USD appetite could pull the pair toward the critical 1.1160 support, the Fibonacci 38.2% retracement which should distinguish between the actual positive trend and a mid-term bearish reversal.. OPEC left its 2020 demand forecast unchanged at -9.1-million-barrel per day, with 17.3% plunge expected in the second quarter, indicating that the number states find the actual low production regime sufficient to maintain prices..