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DailyFX US AM Digest: British Pound Slumps as BOE Unveils Dovish Hike

DailyFX US AM Digest: British Pound Slumps as BOE Unveils Dovish Hike

DailyFX Research,

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The British Pound has been the center of attention this morning following the Bank of England’s first rate hike in ten years. However, with the details of the Quarterly Inflation Report revealing the hike to be of the ‘one-and-done’ variety – a ‘dovish hike,’ if you will – the Sterling slipped back against all of its major counterparts this morning. EUR/GBP was briefly back above 0.8900 and GBP/USD traded below 1.3100 during BOE Governor Mark Carney’s press conference. Elsewhere, the US Dollar has brushed aside what was a largely a meaningless FOMC rate decision, which was overshadowed by anticipation over the next Fed Chair selection.

DailyFX Economic Calendar: Thursday, November 2, 2017 – North American Releases

DailyFX US AM Digest: British Pound Slumps as BOE Unveils Dovish Hike

The North American economic docket is light the rest of the way, with no Canadian data or events, and the only ‘medium’ importance US data in the rearview mirror. However, US President Donald Trump will formally make his decision over the next Fed Chair later today. He is expected to name current Federal Reserve Board of Governors member Jerome Powell as next Fed Chair; Powell is seen as coming from the same policy school as Yellen.

DailyFX Webinar Calendar: Thursday, November 2, 2017

DailyFX US AM Digest: British Pound Slumps as BOE Unveils Dovish Hike

IG Client Sentiment Index Chart of the Day: GBPUSD

DailyFX US AM Digest: British Pound Slumps as BOE Unveils Dovish Hike

Learn more about the IG Client Sentiment Index on the DailyFX Sentiment page

GBPUSD: Retail trader data shows 54.9% of traders are net-long with the ratio of traders long to short at 1.22 to 1. The number of traders net-long is 11.2% higher than yesterday and 11.8% higher from last week, while the number of traders net-short is 0.5% higher than yesterday and 7.1% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bearish contrarian trading bias.

Five Things Traders are Reading

  1. “Asymmetric Risk Ahead for British Pound as BOE Weighs Rate Hike” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “BoE Preview: British Pound Outlook Hinges on U.K. Hiking Cycle” by David Song, Currency Analyst
  3. “Silver & Gold Prices at Risk with Dollar Rally Poised to Extend” by Paul Robinson, Market Analyst
  4. “AUD/USD Technical Analysis: All Eyes on Trend-Defining Support” by Ilya Spivak, Senior Currency Strategist
  5. “Pound Eyeing Guidance Beyond BOE Hike, Trump to Name Fed Chair” by Ilya Spivak, Senior Currency Strategist

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