BoE to set the tone for the day
Important News for the day
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Thu, 07th, 13:00 CET UK BoE Interest Rate Decision.
BoE rate decision
The momentum in markets is likely to be determined by the Bank of England’s interest rate decision today. It is expected that the bank rate will be reduced by 25 basis points,which itself might cause the Pound to weaken. Yet, the move is expected and hence might not cause a big drop, depending on the monetary policy statement. The trend of the GBPUSD looks set to move lower and also the GBPJPY currency pair might drop below the 195.50 zone as the trend based on the weekly chart currently shows.
Market talk
Markets might be influenced by recent news, that US President Trump will try and meet up again with Russian President Putin. Oil prices might also be reactive to the news currently as they continue to lose some steam. Furthermore the Dollar starts to lose some momentum again against other currencies, which helps to put risky assets like stocks and cryptos to the upside. The AUDUSD currency pair might also suggest that this momentum will continue for now. precious metals also rise on the back of the weaker Dollar currently.
Tendencies in the markets
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Equities positive, USD weaker, Bitcoin positive, ETH positive, oil weaker, Silver positive, Gold positive, JPY stronger.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
