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.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The recent surge in the Treasury market has pushed the benchmark 10Y yield back above the S&P 500 dividend yield https://t.co/x28BFkmjNv
  • S&P 500 on the verge of getting separation from March trend-line. Nasdaq 100 below March trend-line, triggering H&S pattern. Get your #equities market update from @PaulRobinsonFX here:https://t.co/quhMgBpoiq https://t.co/n0jtTnVNwl
  • Japanese Gov't recommends 2-week extension of Tokyo virus emergency - BBG $JPY
  • While the rise in yields is weighing on risk trends, carry trade didn't seem to take the hit. In fact, the charge in US yields seems to have far outweighed the de-risking from $USDJPY's perspective: https://t.co/KpOpgopOep
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.81% 🇯🇵JPY: -0.90% 🇨🇭CHF: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8Tvotykz9y
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: -0.69% Silver: -2.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/faJTbi16VK
  • AUD/USD now off daily lows, remains much weaker as a result of broad US Dollar strength $AUDUSD https://t.co/OkdKWbepAR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XXOjh5LmaB
  • Silver price action stalls between Moving Averages. Platinum prices currently confined by Fibonacci Support. Get your market update from @Tams707 here:https://t.co/Nbl8FDmfps https://t.co/VyuZzP8w2q
  • US Markets at the Close $NDX 12464.0 -1.73% $SPX 3768.49 -1.34% $DJI 30924.14 -1.11%
GBP Sellers Welcome Incoming Dovish BoE Rate Setter

GBP Sellers Welcome Incoming Dovish BoE Rate Setter

Justin McQueen, Analyst

GBPUSD Analysis and News

  • Sterling Falls as Incoming BoE Haskel leans to Dovish Spectrum
  • Focus on Carney and Recent Hawkish Dissenter Haldane

See how retail traders are positioning in GBPUSD as well as other major FX pairs on an intraday basis using the DailyFX speculative positioning data on the sentiment page.

GBP Falls as Incoming Dove is Set Replace Outgoing Hawk

Today, markets were given a first glimpse of the bias of incoming Bank of England rate setter Jonathan Haskel, who will replace one of the most hawkish members on the committee, Ian McCafferty, when his term expires in August. One thing that was made apparent is the wide difference in views with Haskel leaning on the dovish side, having stated that there may be more slack in the economy, weakening the case for an interest rate rise. This was in stark contrast to McCafferty who stated that the BoE should not dally in raising rates. As such, with greater focus on the incoming rate setter, GBPUSD fell to its lows of the days, falling from 1.3276 from 1.3206. The question is, will the recent 6-3 vote split, revert back to 7-2 when hawkish dissenter, McCafferty is replaced?

Eyes on Carney and Haldane for GBP Direction

GBP traders will be keeping a close eye on comments from BoE Governor Carney who is scheduled to speak at the financial stability report from 830GMT. Additionally, BoE Chief Economist Haldane is also set to speak on Thursday from 1330GMT which will likely take greater precedence, given that the rate setter surprised many by voting for a hike at the most recent MPC meeting, subsequently pushing up rate hike expectations for the BoE with an August rate hike seen at 53%.

GBP Sellers Welcome Incoming Dovish BoE Rate Setter

Source: DailyFX (BoE Hawk/Dove scale, updated following June MPC meeting)

GBP/USD PRICE CHART: 1-MINUTE TIME FRAME (Intra-day)

GBP Sellers Welcome Incoming Dovish BoE Rate Setter

Chart by IG

--- 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.

DISCLOSURES