Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The BOE meeting: uncertainty rises, the pound… stands still?
On November 7, the Bank of England will announce the interest rate decision. Normally such meetings have a significant impact on the currency, but the analysts advise this time may be not the case.
The British economy has been doing relatively well recently despite the Brexit tensed environment: the unemployment below 4% is close to the mark unseen since the last 50 years, average earnings are growing by 3.8% and real incomes are rising by 2% annually, while the inflation stays at 2%. So, from the outside things don’t look bad.
However, not all the Monetary Policy Committee members think the same: at least two out of nine are believed to be reluctant to keep the rate at the current level. Prolonged Brexit deadlock, business confidence at the 10-year low, internal political debates and the global economic slowdown all are pushing towards the monetary easing that we may see later on. In turn, that should force the GBP to drop.
But for now, these factors are not expected to divert the British pound from the rising trend it has been showing against the main currencies since August this year.
Follow news with FBS to know whether the BOE statement will affect the GBP.
PMI reports from the EU, the UK, and the USA will be released during the day!
Moderna rocketed after an announcement that it is going to join the S&P 500 index. The New Zealand dollar surged after the nation’s inflation surpassed the central bank’s target level.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!