Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.


  • British Pound may rise as the BOE upgrades official rhetoric
  • SNB unlikely to budge from the ultra-loose policy status quo
  • NZ Dollar sinks after disappointing 20-year bond sale results

Monetary policy announcements from the SNB and the Bank of England are in focus in European trading hours. The former is almost an afterthought. The dovish stance adopted by the ECB suggests that the Swiss central bank is likely to retain its ultra-accommodative posture, lest a drop in the EUR/CHF exchange rate undermine hard-fought progress toward rekindling inflation in recent months.

Meanwhile, the BOE Governor Mark Carney and company might offer a lift to the British Pound. No change in rates is expected but the recent pickup in economic activity might inspire a slightly more assertive tone. That might remind investors that the MPC is still aiming for a hike as its next move, marking up the probability that the increase occurs sometime before the calendar turns to 2019.

The New Zealand Dollar underperformed in Asia Pacific trade. The currency shrugged off in-line first quarter GDP data but selling pressure mounted after yields fell at a 20-year bond auction. The average rate fell to 3.26 from 3.39 percent when analogous paper was sold two months ago. That this happened even as demand weakened – the bid-to-cover ratio fell from 2.65 to 1.16 – may imply a dovish shift in RBNZ policy bets.

The anti-risk Japanese Yen and Swiss Franc declined as a lull in the US-China trade war narrative allowed for a broader recovery in sentiment across most regional bourses. The US Dollar pushed higher alongside front-end Treasury bond yields in what looked like an upshift in the expected Fed rate hike path following hawkish comments from Chair Jerome Powell at the ECB Forum in Sintra, Portugal.

See our free guide to learn how to use economic news in your trading strategy!


British Pound May Rise as the BOE Revives 2018 Rate Hike Bets


British Pound May Rise as the BOE Revives 2018 Rate Hike Bets

** All times listed in GMT. See the full economic calendar here.


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter