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.
Rate cut by the RBNZ pulled the kiwi down
During the early Asian trading hours, the Reserve bank of New Zealand surprisingly cut its interest rate from 1.75% to 1.5%. According to the words by the RBNZ Governor Adrian Orr, the bank is currently uncertain about the future path of the interest rates. One of the main reasons behind these uncertainties lie in the US-China trade war and lower figures for business sentiment and consumer spending.
The kiwi plunged below the weekly pivot support at 0.6565 towards the next support at 0.6524. If bearish pressure continues, the next support will lie at 0.65. On the flipside, if the kiwi manages to recover, it will rise above the weekly pivot level at 0.6603. The next resistance is placed at 0.6644.
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Market updates on September 19
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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