ONLINE FOREX BROKER
2021-09-24 • Updated
The Bank of England has announced an important decision which sent GBP/USD up by over 1000 points. The central bank announced that it was concerned about the too-high inflation in the UK, which is likely to jump to “slightly above” 4% this year, double the BOE’s target level. Thus, the bank said that the case for higher interest rates "appeared to have strengthened".
The UK central bank claimed that it would raise interest rates earlier than initially thought. It encouraged GBP’s bulls and sent the pound soaring. The next meeting on November 4 is going to be interesting for the markets! Before it comes, the expectation of the hike rate will support the pound.
GBP/USD has bounced off the support line of 1.3600 and has jumped above the psychological mark of 1.3700. After a breakout, the pair pulled back to 1.3700. It should be just a natural sell-off before the further rally up. The jump above the late-August high of 1.3760 will open the doors to a mid-September high of 1.3850. Support levels are 1.3600 and 1.3700.
The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
Gold prices have stabilized at around $2,020 ahead of Tuesday's trading session, following last Friday's dip. Recent fluctuations in risk sentiment have been the driving force behind the pricing of the precious metal. How does this look on the charts? Let’s find out.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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