Bitcoin Rallies Up, USD Takes Breath
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.
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Key Forex Event: US Inflation Rate
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.
What will move the market on October 11-15?
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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