GBPEUR – What will BoE do in 2018?

All eyes will be on the Bank of England meeting this Thursday. Will the MPC tilt towards a more aggressive stance this year?
Note the UK economy is underperforming other regions (such as Europe and US). Data released this morning further confirms this view. Therefore, the case for BoE to adopt a more hawkish monetary outlook is not as urgent as, say, the US Federal Reserve. The UK base rate is currently at 0.5%, up 25bps last November.
Technically, GBPEUR is continuing to trade in a range. Sterling’s strength in late January did not lead to further breakouts. The rate is bouncing in between 1.15 and 1.13 for the time being.
Key events: Draghi speech (Mon), Bank of England rate decision (Thurs)

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