Bitcoin is on sale, oil is on the way to $75
The Bitcoin “death cross” has occurred. The S&P 500 rallied the most in five weeks! Crude oil and gold jumped as the US dollar weakened.
How to trade GBP after BOE statement?
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!
Instruments to trade: EUR/GBP, GBP/USD, GBP/JPY, GBP/CHF
The last time the Bank of England maintained the bank rate at a record low of 0.1% and the number of its asset purchases at 745 billion pounds. Officials warned that the British economy will take more time to rebound after the coronavirus damage than it was expected before. The central bank also mentioned a probability of negative interest rates. As for the British pound itself, it has been performing really great since late July amid the risk-on sentiment and hopes for a soon Brexit agreement. However, those expectations erased as EU-UK negotiators had failed to make any progress so far. The further prolongation of the Brexit deal will weigh more on the pound. That’s why this meeting is widely watched by all investors as it will unveil further BOE’s actions to cope with all the problems.
- If the bank is hawkish, the GBP appreciates;
- If the bank is dovish, the GBP drops.
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PMI reports on Wednesday will influence EUR, GBP, and USD
Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
Trade ideas for June 21-26
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!
Latest news
US PCE Price Index is going out
US PCE Price Index will be out on Friday at 15:30 MT.
Microsoft rocketed, markets calmed down
Microsoft joined Apple in the $2 trillion dollar club! Follow PMI reports from the US, UK, and EU throughout the day!
BOE meeting will influence the GBP
The Bank of England will release its statement and announce its monetary policy decision on June 24 at 14:00 MT.
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