The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
How to trade GBP after Bank of England’s report?
What will happen?
The Bank of England will hold a meeting on May 6 at 14:00 MT (GMT+3). This event will be watched by many traders as it may have a significant impact on the British pound. However, we should be ready that it can be uneventful for markets as BOE Governor Bailey is likely to stick to the general phrase of all the major banks: ‘low rates until the pandemic is over.’
How to trade on BOE statement?
Follow the BOE’s meeting and try to catch the overall tone of the central bank. Besides, keep an eye on the news during the event and after it.
- If the BOE gives optimistic projections about the UK’s recovery, the GBP may rise;
- If the BOE speaks about the UK economy in a negative light, the GBP may fall.
Instruments to trade: GBP/USD, EUR/GBP, GBP/CHF, GBP/CAD
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).