The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Will the pound get a boost?
BOE announces its interest rate on Thursday, at 14:00 MT time.
Instruments to trade: EUR/GBP, GBP/USD, GBP/CAD, GBP/CHF
The UK is passing through one of its worst economic periods in decades. The downturn caused by the virus doesn’t get alleviated by the finally-done Brexit. Observers report that many companies are leaving London in search of a more comfortable business environment in the EU. This makes the UK economy more vulnerable from the international side while it’s struggling to keep going domestically. The last time BOE Board was voting, it decided unanimously to keep the rate steady at 0.1% - a record low. It will likely stay there as far as we can see so far, so we will be largely looking into the future impressions of the BOE in its monetary policy report rather than a rate change.
- If BOE is optimistic on the outlook, the GBP will be boosted.
- If BOE is not too optimistic, the GBP may drop.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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).