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 stands still
On Friday, the American dollar was intact versus other currencies due to the fact that inflation numbers underpinned continued rate lifts from the key US financial institution.
Evaluating the purchasing potential of the greenback against several primary peers the USD index managed to head north by 0.01% coming up with a result of 96.56, which is not far from over a one-week maximum.
Eventually, the evergreen buck inched down versus its Japanese rival. The currency pair USD/JPY edged down by nearly 0.28% ending up with 113.74. As for the Canadian dollar, this asset headed south. So, the currency pair USD/CAD leapt by up to 0.27% demonstrating an outcome of 1.3189.
In October, the producer price index managed to rally by up to 0.6%, while core PPI headed north by 0.5% from September. By the way, core PPI happens to be a major indicator of underlying producer price pressures, without energy and food costs.
The higher-than-anticipated numbers back the Federal Reserve’s gradual rate increase policy, which helped to boost the evergreen buck. The key US financial institution decided to leave interest rates on hold on Thursday, exactly as anticipated, although the major bank was still on track to proceed with its gradual tightening.
This year the major bank increased American interest rates up to three times. Moreover, it’s also anticipated to make another rate hike in December.
Aside from that, the University of Michigan's consumer sentiment index headed south from 98.6 to 98.3.
The common currency and sterling went down suppressed by the stronger evergreen buck.
The currency pair dipped by 0.11% trading at 1.1351. The UK currency was volatile because of Brexit uncertainty. The currency pair GBP/USD lost 0.11% trading at 1.3048.
Besides this, the NZD/USD slumped by 0.01% showing 0.6754. AUD/USD declined by 0.15% trading at 0.7246.
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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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