The Bank of England will release its monetary policy summary and announce the interest rate on September 19, at 14:00 MT time.
Greenback edges down
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks.
Estimating the greenback’s purchasing potential versus a pack of its key counterparts, the USD index headed south about 0.21% hitting 94.22.
Hopes that the US major bank is going to stick with plans for further gradual rate lifts in 2018 because the American economy keeps strengthening backed the outlook for the evergreen buck.
The major American currency has been pressured after Donald Trump heavily criticized the Fed the previous week, telling that their plans to have interest rates lifted could make the American economy less competitive.
Meanwhile, the common currency managed to ascend. The currency pair EUR/USD soared by up to 0.14% trading at 1.1707.
The euro’s revenues were held in check after reports disclosing that surge in the euro zone private sector speeded down a bit this month, showing that the region’s economy began the third quarter on rather a softer footing.
The UK currency leapt to the best levels of the trading session. The currency pair GBP/USD soared 0.34% being worth 1.3146 after British Prime Minister Theresa May told that she’s on the verge of leading Brexit talks with the EU. On the contrary, the Brexit department is going to shift to preparations for a no-deal Brexit.
The evergreen buck slumped versus the Japanese yen. The currency pair USD/JPY dipped 0.27% trading at 111.03.
On Monday, the Japanese currency had been underpinned by reports that the Bank of Japan is actively negotiating changes to its huge monetary policy. Japan’s key bank is expected to hold its next policy gathering at the end of the month.
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
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.