Bank of England Reports Published in January 2024
Latest results from the Decision Maker Panel survey – 2023 Q4 – Read the report
The Decision Maker Panel (DMP) is a survey of Chief Financial Officers from small, medium and large UK businesses.
UK International Reserves – January 2024 – Read the report
The Bank of England manages the UK’s official reserves on behalf of the Government.
PRA Regulatory Digest – January 2024 – Read the report
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
BP profits plunge as oil prices ease
From: The BBC
Energy giant BP has reported a sharp drop in profits after oil prices fell last year.
Profits were $13.8bn (£11bn) in 2023, down from a record $27.7bn in the previous year.
Pound (GBP/USD) Outlook: Cable Jumps in the Lead up to FOMC
From: Daily FX
CABLE (GBP/USD) ANALYSIS
- A big couple of days for major central bankers (Fed, BoE)
- GBP/USD range to be tested by major central bank announcements
- The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library
GBP/USD Analysis: Future of Recent Selling
From: Daily Forex
GBP/USD sees volatility after US job report exceeds expectations, questioning Fed rate cut timing. Trades between 1.2773 resistance and 1.2613 support, with focus on upcoming ISM data and central bank policies.
- The strong performance of the GBP/USD pair last week moved them towards the resistance level of 1.2773.
- Also, by the end of the week’s trading GBPUSD was negatively affected, as the GBP/USD pair fell to the support level of 1.2613.
- Clearly, this came after the release of some hotter-than-expected US jobs and wages figures, which dashed hopes of a US rate cut by the Federal Reserve in March.
Sainsbury’s searches for more cost savings to compete on price
From: Reuters
- Due to present strategy update on Feb. 7
- ‘Food First’ strategy was launched in 2020
- More cost savings needed to maintain price drive
- Could announce share buyback plan – analysts and investors
UK rate cut is a question of when, not if, BoE’s Pill says
From: Reuters
LONDON, Feb 5 (Reuters) – Bank of England (BoE) Chief Economist Huw Pill said on Monday that the question now for most of the central bank’s policymakers was when it would be appropriate to begin to cut interest rates, not if.
Pill was among the six members of the bank’s Monetary Policy Committee who voted last week to keep interest rates at 5.25%, while two officials voted for a hike and one voted for a cut.
FX Rates in January
GBP/EUR
January High: 1.1723
January Low: 1.1539
January End: 1.1712
GBP/USD
January High: 1.2771
January Low: 1.2647
January End: 1.2668
EUR/USD
January High: 1.1013
January Low: 1.0811
January End: 1.0811