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
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/dkQtNiE1fs
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/hiWxPVFdMv
  • S&P 500 bulls in command, #Nasdaq 100 produces “V” shaped recovery, while #FTSE 100 extends . Get your #equities market update from @daniele recovery https://t.co/mbWlBUItWv https://t.co/N64fXcj97Y
  • Crude #oil prices await the #OPEC+ meeting where record output cuts could be prolonged as demand for energy from the US and China continues recovering. What could be the downside risks? https://t.co/M8BORPx4sH https://t.co/3kHHeibDb9
  • The risk rally continued in a big way this week and #Euro bulls have remained in-charge against the US Dollar and Japanese #Yen. Get your market update from @JStanleyFX here: https://t.co/o7vPmczvMJ https://t.co/GX2YTXz83u
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
Pound at Risk as BOE Inflation Report Threatens Dovish Tone Shift

Pound at Risk as BOE Inflation Report Threatens Dovish Tone Shift

2014-11-12 02:33:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • British Pound Vulnerable if BOE Inflation Report Marks Dovish Tone Shift
  • NZ Dollar Gained as RBNZ Rhetoric Proved Supportive for Rates Outlook
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The release of the Bank of England’s Quarterly Inflation Report is in focus in European trading hours. The publication has evolved into the central vehicle for announcing changes in UK monetary policy over recent years. With that in mind, traders will be keen to gauge the evolution of thinking on the rate-setting MPC committee vis-à-vis the timing of the first post-crisis interest rate hike considering the latest downturn in UK economic news-flow.

Indeed, data from Citigroup reveals that economic data outcomes have dramatically deteriorated since mid-September, with realized results trailing median forecasts by the largest margin in 18 months. If this produces a dovish lean in the central bank rhetoric – especially if such a shift is couched in a downgrade to growth and inflation forecasts – investors may punish the British Pound amid speculation that tightening is farther away than conventional wisdom envisions. As it stands, futures pricing implies the first increase in the benchmark lending rate by June 2015.

The New Zealand Dollar narrowly outperformed in overnight trade, rising as much as 0.2 percent on average against its leading counterparts. RBNZ Governor Graeme Wheeler said he sees a risk of resurgence in house-price inflation and will not relax mortgage lending limits for the time being, adding that rates may need to rise again “in the coming years”. The Kiwi’s advance tracked an upswing in New Zealand’s benchmark 10-year bond yield, hinting the RBNZ chief’s remarks proved supportive for policy expectations.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:10

NZD

RBNZ’s Wheeler Testifies

-

-

-

23:30

AUD

Westpac Consumer Conf Index (NOV)

96.6

-

94.8

23:30

AUD

Westpac Consumer Confidence (NOV)

1.9%

-

0.9%

23:50

JPY

Tertiary Industry Index (MoM) (SEP)

1.0%

0.8%

-0.10%

23:50

JPY

Japan Money Stock M2 (YoY) (OCT)

3.2%

3.0%

3.1%

23:50

JPY

Japan Money Stock M3 (YoY) (OCT)

2.6%

2.5%

2.5%

0:30

AUD

Wage Cost Index (QoQ) (3Q)

0.6%

0.6%

0.6%

0:30

AUD

Wage Cost Index (YoY) (3Q)

2.6%

2.6%

2.6%

0:30

AUD

Credit Card Balances (A$) (SEP)

49.4B

-

49.5B

0:30

AUD

Credit Card Purchases (A$) (SEP

23.9B

-

22.3B

1:00

JPY

BOJ Member Miyao Speaks in Nagasaki

-

-

-

4:30

JPY

BOJ Member Sato Speaks in London

-

-

-

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

EUR

German Wholesale Price Index (YoY) (OCT)

-

-0.9%

Low

7:00

EUR

German Wholesale Price Index (MoM) (OCT)

-

0.1%

Low

8:00

USD

Fed's Plosser Speaks in London

-

-

Low

8:30

EUR

ECB's Visco Speaks in Rome

-

-

Low

9:30

GBP

Jobless Claims Change (OCT)

-20.0K

-18.6K

Medium

9:30

GBP

Claimant Count Rate (OCT)

2.7%

2.8%

Medium

9:30

GBP

Average Weekly Earnings (3M/Y) (SEP)

0.8%

0.7%

Low

9:30

GBP

Weekly Earnings ex Bonus (3M/Y) (SEP)

1.1%

0.9%

Low

9:30

GBP

ILO Unemployment Rate (3M) (SEP)

5.9%

6.0%

Medium

9:30

GBP

Employment Change (3M/3M) (SEP)

125K

46K

Low

10:00

EUR

Eurozone Industrial Production (MoM) (SEP)

0.7%

-1.8%

Medium

10:00

EUR

Eurozone Industrial Production (YoY) (SEP)

-0.2%

-1.9%

Medium

10:30

GBP

Bank of England Inflation Report

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.2248

1.2352

1.2414

1.2456

1.2518

1.2560

1.2664

GBPUSD

1.5680

1.5790

1.5854

1.5900

1.5964

1.6010

1.6120

--- 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.