Intra-Day Market Moving News and Views
23 Jul 2014 08:43GMT
GBP/USD - .... Despite a brief spike up to 1.7095 after the release of BoE minutes, the British pound swiftly pared its gains n dropped to 1.7063 as the minutes were deemed as less hawkish than expected. BoE minutes showed that the MPC committee is still looking at the pros n cons for an early rate rise n that they were worried about hurting the country's economic recovery.
Offers are now seen at 1.7080/90 n more above at 1.7100/05 with stops building up above there whilst initial bids are noted at 1.7040/45, suggesting selling cable on intra-day recovery is still favored.
BoE releases its minutes, Quote:
'MPC have pre-set view on timing of a rate rise, will depend on data;
some MPC members feel decision on rate rise had become more balanced over past few months than earlier in the year;
growth generally looking more assured but tentative indications of slight slowdown forecast for H2;
one view was that risk of small rate rise derailing economy had receded, cud help assess response of economy;
size of labor market slack uncertain so pace at which it is used may be more relevant;
other view was that unexpected rate rise cud have outsize impact as global growth grows;
little indication of inflationary pressures building;
different MPC members put different weights on these interpretations;
expect Q2 GDP growth of 0.9% b4 slowing modestly in Q3 n Q4;
response of mkts to geopolitical events n economic risks surprisingly low.'
23 Jul 2014 08:43GMT
GBP/USD - .... Despite a brief spike up to 1.7095 after the release of BoE minutes, the British pound swiftly pared its gains n dropped to 1.7063 as the minutes were deemed as less hawkish than expected. BoE minutes showed that the MPC committee is still looking at the pros n cons for an early rate rise n that they were worried about hurting the country's economic recovery.
Offers are now seen at 1.7080/90 n more above at 1.7100/05 with stops building up above there whilst initial bids are noted at 1.7040/45, suggesting selling cable on intra-day recovery is still favored.
BoE releases its minutes, Quote:
'MPC have pre-set view on timing of a rate rise, will depend on data;
some MPC members feel decision on rate rise had become more balanced over past few months than earlier in the year;
growth generally looking more assured but tentative indications of slight slowdown forecast for H2;
one view was that risk of small rate rise derailing economy had receded, cud help assess response of economy;
size of labor market slack uncertain so pace at which it is used may be more relevant;
other view was that unexpected rate rise cud have outsize impact as global growth grows;
little indication of inflationary pressures building;
different MPC members put different weights on these interpretations;
expect Q2 GDP growth of 0.9% b4 slowing modestly in Q3 n Q4;
response of mkts to geopolitical events n economic risks surprisingly low.'
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