The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Is Brexit holding the rates?
The Bank of England is announcing the interest rate decision at 14:00 on November 7.Since 2017, the borrowing rate in the UK has been on a gradual but limited rise, currently being at 0.75%. On September meeting, the Bank of England held the rate at the same level in August but expressed the intention to gradually lift it if Brexit is done painlessly on time and the global economy shows no glitch in steady growth. Both failed so far, with uncertainties around the extended Brexit deadline and a slowdown in the international economic environment damaging the UK economy. As a result, most of the analysts see a rate rise by the BOE unlikely.
If the BOE is hawkish, the GBP will rise.
If the BOE is dovish, the GBP will fall.
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 bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).