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BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • #Gold Price Forecast: Gold Drifts Towards Range Extremes– $XAUUSD Levels - https://t.co/5UFcmQNpx2 https://t.co/OgP4nFMPG5
  • - Sees inflation slightly exceeding 2% target this year - Don't expect inflation to be running out of control - The Fed has the tools to deal with unwanted higher inflation
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.42%, while traders in Germany 30 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4n1rSAR7VD
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.20% Oil - US Crude: 0.88% Gold: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eTA7lkr4LN
  • Among the exceptions, Bitcoin continues to power ahead and IG client sentiment data are sending a bearish signal on GBP/JPY. Get your $GBPJPY market update from @MartinSEssex here:https://t.co/YbeAlUh70c https://t.co/QStrfTiK5D
  • - Supply shortages could limit GDP upside - Expecting consumer-price pressures this year - Long-term disinflationary forces should modulate prices
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.27% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.20% 🇨🇭CHF: 0.15% 🇦🇺AUD: 0.15% 🇬🇧GBP: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SOlcl3sqbU
  • Fed's Barkin: - Hopeful that US is on brink of completing recovery - Expecting "really strong" spring and summer - Real-time indicators suggests US is "in midst of boom" #Fed $USD
  • Fed's Harker: - No reason to withdraw support yet, recovery remains in early stages - Good reason to expect recovery in 2021 - US GDP should grow 5-6% this year - Expecting unemployment rate to continue to decline #Fed $USD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.25% US 500: 0.11% FTSE 100: -0.07% Germany 30: -0.08% Wall Street: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/az0ACroYJd
Dow Jones and FTSE 100 Forecast for the Week Ahead

Dow Jones and FTSE 100 Forecast for the Week Ahead

Justin McQueen, Analyst
Dow Jones 2-Hour Price Chart

Equity Analysis and News

  • Dow Jones | Fed on Pause, Will Non-Manufacturing PMI Continue to Weaken?
  • FTSE 100 | BoE in Focus, Election Polls Highlight Commanding Conservative Lead
Equity Index Performance Chart

Source: Thomson Reuters, DailyFX

Dow Jones | Fed on Pause, Will Non-Manufacturing PMI Continue to Weaken?

The economic calendar will be relatively light next week with only a handful of notable data points. Following the weaker than expected ISM Manufacturing survey, focus is on the ISM Non-Manufacturing, which has been tracking the manufacturing sector lower in recent months. As such, a miss on expectations may point to greater concerns for the US economy and signal that the Federal Reserves pause in rate cuts may be somewhat premature.

ISM Manufacturing PMI vs ISM Non-Manufacturing PMI

Dow Jones Price Chart: Daily Time Frame (Nov 18 – Nov 19)

Dow Jones Price Chart Daily

FTSE 100 | BoE in Focus, Election Polls Highlight Commanding Conservative Lead

Following the largely weekly gain in 9-months for the FTSE 100, the index has seen a marginal pullback to be among the underperforming indices this week. A slight recovery in the Pound curbed further gains for the index as focus turns towards the UK general election. Majority of opinion polls have shown the conservatives with a commanding lead ahead of the labour party, raising the possibility that Boris Johnson may gain a majority in parliament.However, we are of cognizant of the fact that polling data has been somewhat inaccurate in recent times (2015 and 2017 the most obvious examples) therefore the outcome is uncertain.

Party Support Chart UK General Election

BBC

Looking ahead to next week, much of the focus will center around the Bank of England Monetary Policy report, which is likely to see the central bank reiterate a slightly dovish bias amid the ongoing political uncertainty, while there is also a risk of a more explicit dovish signal.

FTSE 100 Price Chart: Daily Time Frame (Oct 2018 – Nov 2019)

FTSE 100 Daily Price Chart

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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