BOE to cut rates by 50bps at March meeting – Goldman Sachs

Analysts at Goldman Sachs said in the latest client note that they see the Bank of England (BOE) by 50bps at its March meeting.

The impact of the virus outbreak will push the UK economy to the edge of a recession, the bank said.

Its worth noting that the OIS money markets are pricing in a rate cut of about 40bps, with the overnight bank rate seen near 0.30%.

 Meanwhile, the GBP/USD pair is seen trading with mild gains below the 1.2900 level, at the press time.