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Markets focus on Bank of England rate decision

  • CNY Trade Balance: 311B
  • GBP BOE Credit Conditions Survey
  • USD Import Prices m/m: 0.2%
  • USD Crude Oil Inventories: -2.5M
  • AUD Employment Change: 7.9K
  • AUD Unemployment Rate: 5.8%

Theresa May is now officially the UK Prime Minister and made an interesting announcement by appointing Boris Johnson as Foreign Secretary. Mrs May set to work on Wednesday evening by making several Cabinet appointments, including replacing George Osborne with Philip Hammond as Chancellor. Amber Rudd took Mrs May's old position as Home Secretary, while Michael Fallon was kept on as Defence Secretary.

Prominent Brexit supporters David Davis and Liam Fox took on the newly created roles of Minister for Brexit and Secretary of State for International Trade respectively.

After her formal appointment by the Queen, Mrs May promised to lead a "one-nation" government dedicated to social justice and making "Britain a country that works for everyone". Alluding to the tough negotiations that lie ahead over Britain's exit from the European Union, she said, "we face a time of great national change". But she said Britain would "rise to the challenge" and forge "a bold new positive role" in the world.

  • GBP MPC Official Bank Rate Votes
  • GBP Monetary Policy Summary
  • GBP Official Bank Rate
  • GBP Asset Purchase Facility
  • GBP MPC Asset Purchase Facility Votes
  • USD PPI m/m
  • USD Unemployment Claims
  • USD Core PPI m/m

The main focus of the day will be on the Bank of England interest rate decision. Mark Carney is widely expected to cut UK interest rates by 25 basis points, if this happens we expect GBP to give up its recent gains. A rate cut would be good news for UK borrowers, saving £26 a month on a £200,000 25-year repayment mortgage, according to the Council of Mortgage Lenders.

Finally today we have some US jobs data, as the US will release their Jobless Claims figure and US Fed Member Lockhart is set to speak.