2019-11-11 • Updated
An important meeting will happen at 14:00 MT on Thursday: the Bank of England will announce its official rate. After the members of the Monetary Policy Committee (MPC) decided to raise the rate to 0.75% in August, this time analysts expect no changes. In fact, the economy of Great Britain has been in comparably stable position since that moment.
The country’s GDP grew at 0.3% during a month, better than it was predicted. Unemployment rate released on Tuesday showed no changes: it is still at 4.0%, while the UK weekly earnings growth excluding bonuses reached 2.9%, which is the three months maximum. The inflation level reached 2.5% in July. This is still higher rate than the target level of 2%. According to the data, wages are growing faster, than the inflation. This means the Bank of England will likely keep slowly increasing interest rates as Britain proceed Brexit.
This week’s decision about Mark Carney’s future as the governor of the Bank of England should not be underestimated as well. The economist will lead the UK through the hard times of uncertainty until the end of January, 2020. This news is good for the pound as it means stability in the central bank’s management.
DNB expects that at the upcoming meeting this Thursday, the Bank of England will declare that it will make gradual and cautious rate increases. The specialists think that the BoE will actually move to raise rates in November 2019.
The positive news about the future of Brexit yesterday and the anticipation of Thursday’s meeting resulted in the highest GBP/USD exchange rate since August on Monday and Tuesday at 1.3085. However, sterling then dropped by a quarter of a percent on Wednesday. The reason for it is the meeting of the conservative members of the European Research Group, where they discussed the possibility to force Theresa May to leave the post of prime minister. We’ll follow the news on the subject and keep you updated.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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