The BOE meeting: a ray of hope for the GBP?
The Bank of England will release its monetary policy summary and announce the interest rate on September 19, at 14:00 MT time.
Canadian dollar goes down as Bank of Canada leaves rates on hold
On Wednesday, the evergreen buck headed north, while the Canadian dollar went down after the Bank of Canada left interest rates on hold as anticipated.
Estimating the greenback’s purchasing potential versus its major rivals the USD index tacked on by about 0.1% concluding the trading session at 97.41.
The currency pair USD/CAD managed to surge by up to 0.6% ending up with 1.3502 right after the Bank of Canada kept rates at 1.75%, referring to a dive in global surge activity because of trade worries.
Everlasting uncertainty related to trade clashes has undermined business activity and sentiment, adding to a synchronous deceleration across many countries.
Still, Canada’s major financial institution told it actually expects a surge in the country to pick up for the second half of 2019.
In addition to this, the common currency headed south due to the fact German business morale headed south in April. The currency pair EUR/USD tumbled by about 0.2% trading at 1.1197, approaching its lowest value since early March.
Trade pressure as well as fears about global protectionism are putting pressure on the European Union’s external position and also challenging its surge trajectory. As some financial analysts pointed out, they’re actually looking at underperformance relative to America for now.
Aside from that, the UK pound stood still. The currency pair GBP/USD came up with a reading of 1.2955 due to the fact expectations for a breakthrough on Brexit receded.
The evergreen buck decreased versus the safe-haven Japanese yen. The currency pair USD/JPY inched down by nearly 0.1% demonstrating an outcome of 111.72.
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Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
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Market updates on September 19
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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