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 up on dismal German data
On Tuesday, the evergreen buck went up, while the common currency dived as data disclosed that the German economy speeded down last year and market participants were waiting for the outcomes on the parliamentary vote on Britain’s withdrawal from the European bloc.
Surge in the German economy speeded down to 1.5% in 2018, which appears to be the slowest tempo of surge for five years. Eventually, the data contributed to worries over decelerating global surge due to trade war clashes with America.
The currency pair EUR/USD went down by 0.67% trading at 1.1397.
Gauging the evergreen buck’s actual purchasing power against a number of its primary peers the USD index soared by 0.56% being worth 95.73. The currency pair USD/JPY went up by 0.37% trading at 108.56.
The evergreen buck was also backed by the news that China would implement more stimulus measures responding to a sudden dive in the Asian country's exports in December. The given measures should help to soothe investor worries over decelerating global surge.
Still, the evergreen buck has gone down for recent weeks due to the fact that market participants expect the major US financial institution to cease its rate of monetary tightening in 2019.
The UK pound headed south due to the fact that British Prime Minister Theresa May’s Brexit pact is mostly anticipated to lose a parliamentary vote later in the day. The likelihood of a no-deal Brexit is actually soaring because the United Kingdom is anticipated to abandon the EU on March 29. As a matter of fact, the currency pair GBP/USD went down by 0.78% being worth 1.2763.
The risk sensitive Australian as well as New Zealand dollars stood still. The currency pair AUD/USD went down by 0.03% being worth 0.7191. The currency pair NZD/USD decreased by 0.04% reaching 0.6815.
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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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