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.
Euro and yen head north, as US uncertainty hurts greenback
On Monday, the common currency along with the Japanese yen tacked on in thin trade due to the fact that worries about a partial government shutdown in America affected investor sentiment as well as the evergreen buck, although Chinese plans to reduce trade levies somewhat improved the market sentiment.
Eventually, trading volumes turned out to be thin with most global markets ready to close for Christmas. As for Japanese markets, they’ve already closed for a holiday.
After a series of touch weeks in which fears about struggling global surge have knocked markets down, traders were reluctant to take on many fresh risks at the end of 2018.
A less dovish than anticipated Fed meeting the previous week has driven worries that the main American financial institution will be lifting interest rates amid a weakening American economy.
A partial American government shutdown, which US President’s chief of staff told could last to January 3, when the fresh Congress convenes as well as Democrats take over the House of Representatives, has also worried investors.
The major Japanese currency managed to ascend by 0.3% versus the evergreen buck reaching 110.81 before concluding at 111.09. The Japanese yen's profits for the last six days account for over 2%.
Another safe-haven asset, the Swiss franc headed north against the evergreen buck, while staying intact against the common currency.
Meanwhile, China uncovered its plan to remove import as well as export levies next year on an array of goods, thus soothing worries about an everlasting trade clash with America.
The common currency surged by 0.1% hitting $1.1389. Versus the group of its counterparts the greenback dived by 0.2% hitting 96.808.
As for the Australian dollar, it surged by 0.5% trading at $0.7069 because traders appreciated China’s plans to remove trade duties.
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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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