USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
Bank of England Meeting
| Positive economic data from the UK bring the moment of the Bank of England’s rate hike closer. At the last meeting of the central bank, 2 out of 9 MPC members voted for an increase of the interest rate. Although Governor Mark Carney has recently discouraged expectations of a rate hike in May, the regulator may still give clues on its future monetary policy. An encouraging estimation of the economy will support the pound. Follow the BOE’s report at 14:00 MT time on May 10. |
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Upside hopes for the GBP?
The British monthly GDP is announced on Friday at 09:00 MT time.
Strong USD on Tuesday
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Latest news
USD starts the week with gains
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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