News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
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
  • The US Dollar continues to see varied performance against ASEAN currencies. USD/SGD is consolidating. USD/THB may bounce. USD/IDR and USD/PHP could continue lower.Get your market update from @ddubrovskyFX here:https://t.co/Ccvcy93t5X https://t.co/cejykWrenF
  • RT @FxWestwater: $AUDUSD Eyes RBA Minutes After Iron Ore Rally Fails to Lift Aussie Dollar Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/06/14/AUDUSD-Eyes-RBA-Minutes-After-Iron-Ore-Rally-Fails-to-Lift-Aussie-Dollar.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/AlQ6…
  • The Dow Jones, Nasdaq 100 and S&P 500 await much needed insight from the Federal Reserve on the central bank’s planned policy path given recent economic data releases. Get your market update from @PeterHanksFX here:https://t.co/bZso3WxyC6 https://t.co/d4YJ8jbGok
  • GBP/USD Eyes Trend Support as US Dollar Awaits Fed Dot Plot -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/06/14/gbp-usd-eyes-trend-support-as-us-dollar-awaits-fed-dot-plot.html $GBPUSD #Forex #Trading https://t.co/1BkZ4x0uCG
  • Are gold prices the ‘canary in the coal mine’ for the Federal Reserve meeting? Taper talk may indeed be on the menu (even if it won’t formally arrive until later this year). Get your $XAUUSD market update from @CVecchioFX here:https://t.co/gsoRisZzV6 https://t.co/cjqt0SvWIx
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇦🇺AUD: 0.10% 🇪🇺EUR: 0.09% 🇬🇧GBP: -0.05% 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Yx2O1n8Yxc
  • The 35-day historical range on $AUDJPY matches the smallest range (as a percentage of spot) on record for the pair with the extreme summer lull back in July 2014. Will it end with a bang or whimper? https://t.co/StryktBbrr
  • ECB monthly purchases under PEPP appear to be slowing. PEPP purchases for the first two weeks of June only totaled about 31 bln euros $EUR https://t.co/RUAi61HTQJ
  • The EUR/USD rally has stalled at a key resistance confluence around the objective yearly open. Get your $EURUSD market update from @MBForex here:https://t.co/YdjKTU4gtW https://t.co/HmOJxy2F29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Silver: -0.24% Gold: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kRDUQxM66L
BoE Is Slightly More Hawish Despite Holding Rates, Markets Look Towards May Meeting

BoE Is Slightly More Hawish Despite Holding Rates, Markets Look Towards May Meeting

Dylan Jusino,

Talking Points:

- The Bank of England (BoE) left the current bank rate unchanged at 0.50%, as was widely expected (a rate increases was priced in at less than 10% chance ahead of time).

- Brexit remains the largest source of uncertainty, inflation is expected to remain above the 2% target.

- Cable spikes above 1.42 but retraces shortly after

- See the DailyFX Economic Calendar for upcoming economic data and for a schedule of live coverage see the DailyFX Webinar Calendar.

As was widely expected, BoE policy makers held the current bank rate at 0.50%. Although, the vote to hold the current rate was not unanimous. Only seven of Monetary Policy Committee’s (MPC) voted in favor of leaving the rates unchanged while two dissented. This comes as a surprise considering markets expected today’s decision to be unanimous. Though, the MPC voted unanimously to maintain the stock of corporate and government bond purchases.

See our longer-term forecasts for the US Dollar, Euro, British Pound and more with the DailyFX Trading Guides

BoE released a Monetary Policy Summary and minutes for this meeting. We have noted the most important points below:

  • Brexit: “Developments regarding the United Kingdom’s withdrawal from the European Union – and in particular the reaction of households, businesses and asset prices to them – remain the most significant influence on, and source of uncertainty about, the economic outlook
  • Inflation:Inflation is expected to ease further in the short termalthough to remain above the 2% target.”
  • Wages:The firming of shorter-term measures of wage growth in recent quartersand a range of survey indicators suggest pay growth will rise further in response to the tightening labour market.”

As previously mentioned, today’s decision was widely expected. Despite the BoE providing little guidance as to future interest rate decisions markets, chance pricing in a 74% chance of a hike at the May meeting.

Chart 1: GBP/USD 4-hour (February 1 to March 22, 2018)

BoE Is Slightly More Hawish Despite Holding Rates, Markets Look Towards May Meeting

The fact that today’s decision was not unanimous sent Cable on a short rally. Immediately following the BoE announcement, Cable spike to 1.422, its highest level since the beginning of February. However, buyers could not break above that level of resistance after sellers pushed GBPUSD back to around 1.41.

--- Written by Dylan Jusino, DailyFX Research

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

DISCLOSURES