The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!
Will the GBP stay steady?
What will happen?
Bank of England announces the rate and the monetary policy report on March 18, at 14:00 MT time.
The rate will most probably be kept steady at the record low of 0.1%. In the meantime, the last session indicated that the Bank may soon start preparing for a negative rate closer to the end of the year. Also, they will shed light on the economic recovery in the UK in the context of the post-Brexit environment, gradual reopening, and new strains of the virus that cloud the perspectives of getting back to normal.
How to trade the BOE rate?
As with other similar announcements when no actual rate change is expected, you look into the subtler messages of the Bank’s officials. Generally, if they share a brighter outlook, the national currency gets stronger. Otherwise, a weaker tone puts pressure on it.
- If the BOE is optimistic about the recovery dynamics, the GBP may be boosted;
- If the BOE shares a dull outlook, 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.
Last week was full of surprises! Stock indices have shown significant growth…
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).