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.
Evergreen buck gives up profits
On Monday, the evergreen buck stood still versus most of its key rivals, backed by hopes for tighter American monetary policy. Meanwhile, the British pound gave up almost all its recent profits, as market participants sought clarity around Brexit.
Against its main counterparts the USD index kept to 96.50.
Market experts are quite bullish on the US currency, backed by firm economic surge and see the Fed on track to list interest rates in December and also another two lifts by mid-2019.
Friday’s data disclosed that in October American jobs surge rebounded steeply and wages demonstrated their greatest annual profit for 9-1/2 years.
Meanwhile, on Monday, ten-year American Treasury gains amounted to 3.2%, having surged on Friday backed by the jobs report.
Such a leap is anticipated to help the evergreen buck to firm versus Japan’s currency, staying intact at 113.22.
The US currency declined by 0.66% against the Japanese yen because news flow around trade clashes, geopolitical risks as well as a global economic deceleration gave the Japanese yen a flight-to-safety boost.
In addition to this, the UK currency retraced its intra-day maximum during thin Asian trade, although for the day it surged by 0.13%. Year to date it has gone down by 3.7% against the American dollar.
The upbeat sentiment around a smooth Brexit also backed the common currency in early Asian trade. Nevertheless, the euro gave up all its profits and stood still at $1.1385.
In addition to this, the offshore Yuan went down against the evergreen buck hitting 6.9123.
As for the offshore-traded Yuan, it managed to rally against the US currency for the last two trading sessions, backed by soaring expectations that trade tension between the United States and China will recede.
The Australian dollar slumped by 0.14% hitting $0.7186.
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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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