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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 76.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XmQ5X9mG3U
  • I'm keeping this visual marker of the US-China December 15 deadline for the former increasing the tariff list on the latter if no deal is struck. $USDCNH https://t.co/ryK4BeXyCI
  • My fears of that impending December 15th tariff escalation are not soothed... https://t.co/3RLJx3mWDz
  • President Trump says US is doing well in trade talks with China $SPX #Tradewar
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% France 40: -0.07% US 500: -0.13% Wall Street: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GFResmiSGX
  • RT @CNBCnow: CORRECTION: White House & Democrats near tentative deal on USMCA, sources say; a deal has not yet been reached. https://t.co/…
  • RT @EdwardLawrence: Watch FOX Business at the top of next hour for the latest on USMCA as well as looking at Dec 15th deadline for China. A…
  • RT @CNBCnow: BREAKING: White House & Democrats reach tentative deal on USMCA trade deal; House could vote on it on Dec. 18 - sources (via @…
  • $GBPUSD and $EURUSD look to have constructive Elliott wave patterns https://www.dailyfx.com/forex/video/live_events/2019/12/09/gbpusd-eurusd-bullish-elliott-wave-patterns-JWweb-127.html https://t.co/OqumwFBDJe
  • While Sterling is expected to appreciate further if PM Johnson get his currently predicted majority, the likelihood is that the rally will be muted after the recent strong performance of the $GBP. Get your market update from @nickcawley1 here:https://t.co/m5ERBq4R6S https://t.co/lGviXc7dDT
British Pound Looking to BOE Commentary to Fuel Recovery

British Pound Looking to BOE Commentary to Fuel Recovery

2014-09-10 05:29:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • British Pound Looking to BOE Commentary to Power a Corrective Recovery
  • Australian Dollar Tumbles on Soft Consumer Confidence Data, Risk Aversion
  • See Economic Releases Directly on Your Charts with the DailyFX News App

Commentary from Bank of England officials remains in focus in European trading hours. This time, BOE Governor Mark Carney will be joined by Deputy Governor Nemat Shafik and MPC committee members Martin Weale and David Miles in testimony before Parliament’s Treasury Select Committee on Augusts’ quarterly Inflation Report (QIR).

Mr. Carney argued in favor of an initial rate hike by spring of 2015 with gradual tightening thereafter in a speech in Liverpool yesterday. At least one of his colleagues also due to testify sees that as too dovish considering Mr. Weale was one of the two dissenting votes in favor of an August rate increase.

The British Pound paused to digest losses yesterday, ending a 5-day losing streak, as feverish fears of the looming Scottish Independence referendum cooled absent novel news-flow (as expected). If the cumulative tone of BOE officials’ rhetoric betrays a growing hawkish consensus, the UK unit may at last find fuel for a meaningful recovery.

The Australian Dollar turned sharply lower in overnight trade, falling as much as 0.5 percent on average against its leading counterparts. Selling pressure emerged against a backdrop of disappointing news-flow, with September’s Westpac Consumer Confidence index dropping 4.6 percent to register the first decline in four months.

A broader deterioration in risk appetite compounded downward pressure on the sentiment-linked Australian unit. The MSCI Asia Pacific benchmark regional stock index fell 0.6 percent in a move the news-wires labeled as follow-on from a rout on Wall Street, where the S&P 500 issued the largest daily drop in 5 weeks. We are looking for an opportunity to enter short AUDUSD.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

PPI (MoM) (AUG)

-0.2%

0.0%

0.4%

23:50

JPY

PPI (YoY) (AUG)

3.9%

4.1%

4.3%

23:50

JPY

Machine Orders (MoM) (JUL)

3.5%

4.0%

8.8%

23:50

JPY

Machine Orders (YoY) (JUL)

1.1%

0.5%

-3.0%

0:30

AUD

Westpac Consumer Conf Index (SEP)

94.0

-

98.5

0:30

AUD

Westpac Consumer Conf (MoM) (SEP)

-4.6%

-

3.8%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

13:45

GBP

BOE's Carney/Shafik/Weale/Miles Testify on QIR

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.2724

1.2821

1.2879

1.2918

1.2976

1.3015

1.3112

GBPUSD

1.5914

1.6011

1.6058

1.6108

1.6155

1.6205

1.6302

--- 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.