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 is backed by growth-friendly American economic data
On Thursday, the evergreen buck surged versus its outcomes because firmer-than-anticipated wholesale inflation as well as jobless claims data helped to soothe investor fears about a Fed interest rate cut.
Gauging the evergreen buck’s purchasing versus its major peers the USD index shot up by 0.27% trading at 96.82.
On Tuesday, the Labor Department told that its core producer price index for final demand went up by 0.3% in March, which is above experts’ estimates for a 0.2% rally. For the 12 months through March, the core PPI headed north by about 2.4%.
It also informed that initial jobless claims went down by 8,000 to a seasonally updated 196,000 by April 7, thus ruining hopes for a leap.
The jobless claims data actually backed the evidence that the trend in employment surge hasn’t speeded down considerably.
The pair of reports showed up a day after the Fed’s minutes from its March gathering showed that most Fed policymakers anticipated the US major financial institution to hold off on rate lifts for the remainder of 2019.
As for the rate-sensitive USD/JPY, this currency pair ascended by 0.53% to Y111.59 due to the fact that the stronger American economic data increased United States 10-Year, spurring the evergreen buck.
Additionally, the currency pair GBP/USD went down by 0.19% because the UK pound neglected the European Union’s decision to grant a delay to Brexit.
As for the Brexit deadline, it was extended from April 12 until October 31 to give British Prime Minister Theresa May more time to get her Brexit agreement through Britain’s legislative body.
The currency pair EUR/USD slumped by 0.15% hitting $1.1257 because the euro struggled to hold gains in the wake of the ECB’s dovish monetary policy update on Wednesday.
The currency pair USD/CAD jumped by 0.42% showing C$1.3374 as decreasing crude prices put pressure on the Canadian dollar.
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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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