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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • BoC Gov. Macklem: - Third wave of Covid has introduced new uncertainty - Households and businesses have remained resilient - The BoC is more confident in the underlying strength of the economy #BOC $CAD
  • Greece to ease main lockdown measures in early May. $EUR
  • So much for $USDCAD's tentative break from its 13-month descending trend channel...again. Biggest daily drop since June 1st after the BOC takes a first step towards taper https://t.co/LPDmBlhFdL
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 1.05% 🇳🇿NZD: 0.49% 🇦🇺AUD: 0.30% 🇯🇵JPY: -0.06% 🇪🇺EUR: -0.09% 🇨🇭CHF: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ukmeM95hVA
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.97% FTSE 100: 0.76% Wall Street: 0.55% Germany 30: 0.46% US 500: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/907pBEoeH0
  • #Gold has risen to its highest level since late February today, rising to trade above 1,790. The precious metal attempted this level at the beginning of the week but had dropped back to 1,770. $XAU $GLD https://t.co/SwDnJnBicr
  • 🇺🇸 EIA Cushing Crude Oil Stocks Change (16/APR) Actual: -1.318M Previous: 0.346M https://www.dailyfx.com/economic-calendar#2021-04-21
  • Doge Day wasn't a market holiday? What did I miss?
  • Might be time to look at CAD/JPY again - oversold reading (CCI)...#cadjpy #canadiadollar #yen @DailyFX https://t.co/nkSOUb1bK9
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/2nD3C9OQC1
British Pound May Fall on Industrial Data Ahead of UK Election

British Pound May Fall on Industrial Data Ahead of UK Election

Dimitri Zabelin, Analyst

British Pound, GBP, UK Election, UK GDP – Talking Points

  • British Pound may edge lower on softer GDP, industrial data
  • This may incite Bank of England rate cut bets, pressure GBP
  • Volatility could be tamed by traders waiting for UK election

Learn how to use politicalrisk analysis in your trading strategy!

Asia-Pacific Recap: Chinese CPI Boosts Australian Dollar

Early into Tuesday’s Asia Pacific trading session, Chinese CPI and PPI data came in better-than-expected at 4.5 and -1.4 percent, beating the 4.3 and -1.5 percent forecasts, respectively. In fact, consumer price growth had reached its highest point since January 2012. However, this failed to elicit a major reaction from the Australian Dollar, because traders are likely waiting for Washington to decide on the December 15 tariff hike.

British Pound Eyes Industrial Data Cascade, UK Election Polls

The British Pound may suffer if soft manufacturing and GDP data inflame Bank of England easing expectations ahead of the UK election on December 12. Recent polls have Prime Minister Boris Johnson ahead of his Labor counterpart Jeremy Corbyn by 14 points, up 5 points from last week’s survey. Something to note: volatility may be curbed by traders waiting to place their bets until after the election outcome is known.

Industrial and manufacturing production statistics on a year-on-year basis are expected to show a contraction of 1.2 and 1.4 percent, respectively. The highly-vulnerable sector of the UK has been plagued by political uncertainty from Brexit and the growth-hampering side effects of the US-China trade war. The UK is not alone – global manufacturing is in an industrial recession largely due to the Sino-US economic conflict.

Chart showing UK Industrial Production

The impact of these factors on the Bank of England’s outlook has become increasingly more apparent. At the most recent Monetary Policy Committee meeting, two out of the 9 board members voted to cut rates; the remaining 7 supported keeping the benchmark at 0.75 percent. Looking ahead, if downside risks continue to materialize – especially those pertaining to Brexit – it may tilt BoE official towards more dovish inclinations.

BRITISH POUND TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

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