We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
Forex: Markets to Look Past BOE Minutes, Focus on FOMC Outcome

Forex: Markets to Look Past BOE Minutes, Focus on FOMC Outcome

2013-09-18 08:05:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • British Pound Unlikely to Find Lasting Volatility in BOE Minutes
  • All Eyes on FOMC Result, $5-10 Billion QE Reduction Expected
  • US Dollar’s Fate Hinges on “Taper” Outlook Beyond September

Minutes from September’s Bank of England monetary policy meeting headline the economic calendar in European trading hours. Traders will be keen to size up the voting pattern for and against an expansion of quantitative easing (QE) at the first sit-down of the rate-setting MPC committee since it introduced its forward-guidance regime in August. Data compiled by Citigroup shows UK economic news-flow notably improved relative to expectations between this and last month’s BOE meetings, policymakers were probably not under particularly strong pressure to expand stimulus. Furthermore, it seems unlikely that even the more dovish members of the MPC were prepared to introduce something new into the policy mix without wanting to see the guidance framework in play and assessing its impact for longer than a few weeks. On balance, that suggests today’s release may be a non-event for the British Pound and financial markets at large.

From here, the spotlight shifts to the much-anticipated Federal Reserve policy announcement. The outing is expected to produce the first “taper” of the QE3 stimulus program, with the latest median forecast of economists polled by Bloomberg calling for a $5-10 billion cutback in monthly asset purchases. The path forward beyond that remains highly uncertain however. That means the updated set of FOMCeconomic forecasts as well as Chairman Ben Bernanke’s press conference following the policy decision will offer ample fodder for speculation and volatility. If investors are met with Fed rhetoric that (directly or indirectly) argues in favor of a sustained QE reduction cycle into the end of the year, market-wide risk sentiment is likely to deteriorate while the US Dollar advances. A more cautious tone that fails to map out a defined trajectory for the near-term policy outlook stands to produce the opposite result.

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Current Account Balance (2Q)

-1.252B

-1.9B

-0.416B

22:45

NZD

Current Account Deficit/GDP Ratio (2Q)

-4.3%

-4.8%

-4.5%

0:00

AUD

Conference Board Leading Index (JUL)

0.3%

-

-1.1%

0:30

AUD

Westpac Leading Index (MoM) (JUL)

0.6%

-

0.0%

1:30

CNY

China August Property Prices

-

-

-

Euro Session:

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

8:30

GBP

Bank of England Sept Meeting Minutes

-

-

High

9:00

EUR

Eurozone Construction Output (YoY) (JUL)

-

-3.0%

Low

9:00

EUR

Eurozone Construction Output (MoM) (JUL)

-

0.7%

Low

9:00

CHF

ZEW Survey (Expectations) (SEP)

-

7.2

Medium

Critical Levels:

CCY

SUPP 3

SUPP 2

SUPP 1

Pivot Point

RES 1

RES 2

RES 3

EURUSD

1.3265

1.3308

1.3334

1.3351

1.3377

1.3394

1.3437

GBPUSD

1.5809

1.5859

1.5881

1.5909

1.5931

1.5959

1.6009

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.