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 goes down, while keeping to a 4,5 month peak
On Thursday, the evergreen buck dived a bit versus the group of other key currencies, although keeping close to the peak of four and a half months. The US currency keeps getting support from the prospect of a soar in the interest rate in America.
The US dollar index that demonstrates the purchasing power of the US currency versus the group of six crucial currencies, headed south by 0.08% being worth 92.88, staying close to the maximum of the four-and-a-half months of 93.26 recorded on Wednesday.
The evergreen buck tacked on due to the surge in the yield of American government bonds as well as the probable acceleration of the rate of interest rate lift of the Federal Reserve. Forecasts about lifting the interest rate make the evergreen buck more attractive for those folks who look for profit.
The revenue of 10-year American government bonds at the time of writing accounted for about 2.99% after it beat the psychologically crucial level of 3% on Wednesday, getting closer to a peak of about 3,035% in 2018.
Today, market participants expect a report on consumer price inflation in the United States. According to experts’ estimates, this report will demonstrate a moderate soar in core inflation. Increasing inflation might appear to be a catalyst for accelerating the rate of the Fed's interest rate lift compared to previous forecasts.
The evergreen buck inched up against Japan’s currency. The currency pair USD/JPY rallied by up to 0.24% to 109.97, remaining close to the peak of three months - 110.03, which was recorded on May 2.
The common currency rallied, the currency pair EUR/USD soared to 1.1863, remaining close to the minimum for four months of 1.1821, which was achieved during the previous trading session.
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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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