Bank of England Reports Published in June 2020

Record of the Financial Policy Committee – Read the report

This is the Record of the Financial Policy Committee covering decisions taken since 7 May 2020.

Bank Rate maintained at 0.1% – June 2020 – Read the report

Our MPC voted to maintain Bank Rate at 0.1% and to continue with the existing programme of £200 billion of UK government bond and sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves.

Bank of England Annual Report and Accounts – 2020 – Read the report

The Bank of England and the Prudential Regulation Authority (PRA) publish separate Annual Reports and Accounts. The reports provide information on their activities and finances for the preceding year.

Coronavirus: UK Economy Could be Among Worst Hit of Leading Nations, Says OECD

From: The BBC

The UK is likely to be the hardest hit by Covid-19 among major economies, the Organisation for Economic Co-operation and Development has warned.

Britain’s economy is likely to slump by 11.5% in 2020, slightly outstripping falls in countries such as Germany, France, Spain and Italy, it said.

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Pound Struggles for Traction on PM Promise

From: Daily FX

During London trade on Monday, the Pound Sterling remained within striking distance of the recently struck 1-month trough after the Prime Minister hinted that it was his strong intent to increase investment in public infrastructure as an attempt to recover from the hard-hit economy which is struggling in the wake of the Coronavirus pandemic.

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Markets Remain Muddled as COVID Cases Rise

From: Daily Forex

Analysts caution that the full extent of the pandemic may not be felt for several quarters and that the recent rallies leave room for steep declines as global economies attempt to recover.

Traders worldwide remain confused about where global markets will head next in these uncertain times. The coronavirus pandemic, recently thought to be flattening its curve, seems to be flaring up again in key regions, causing analysts to wonder if a second wave of economic closures is coming.

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European Stocks Knocked Lower by Virus, Tariff Fears

From: Reuters

European stocks slumped to a one week-low on Wednesday as a surge in coronavirus cases and news that U.S. was weighing tariffs on European products dashed investors hopes of a speedy economic recovery.

The pan-European STOXX 600 closed 2.8% lower, recording its second worst fall this month.

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Dollar Weakens on Improving Risk Sentiment, Coronavirus Concerns Remain

From: Reuters

The dollar fell on Monday as stocks opened higher, indicating improving risk sentiment despite a rise in coronavirus cases.

The global death toll from the virus reached half a million on Sunday, according to a Reuters tally. Cases surged in Southern and Western U.S. states, prompting California to order some bars to close in a rollback of efforts to reopen the economy.

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FX Rates in June