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

Real Time News
  • FDA: J&J vaccine pause likely to be only a "matter of days."
  • The US Dollar has remained weaker following this morning's CPI print. The $DXY is currently trading below the 92.00 level for the first time since March 23rd, at a fresh three week low. $USD https://t.co/Lq4EUP8Gyo
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 2.11% Oil - US Crude: 1.03% Gold: 0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/JNHxwZwMe2
  • $EURUSD broke as expected, but the direction of that break certainly doesn't align to the implied rate forecasts from Fed Funds futures (through Dec 2022) https://t.co/4ecrIvsmOa
  • AUD/USD remains within the confines of a head-and-shoulders formation as it retains the opening range for April. Get your $AUDUSD market update from @DavidJSong here:https://t.co/NB9AkFh9oZ https://t.co/mgcNE9Bhev
  • Both the March US headline CPI (2.64%) and 5-year breakeven inflation rate (2.52%) are well above the Fed's target rate for the medium-term https://t.co/h1hZYFj55c
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.94%, while traders in Germany 30 are at opposite extremes with 75.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YYVWK1VfnY
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Oil - US Crude: 0.88% Gold: 0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/IGiOgYkbD6
  • White House: J&J vaccine pause will not have a significant impact on US vaccination plans.
  • $EURUSD at session highs having broken through last week's peak - Resistance ahead 1.1950 and 1.1990 https://t.co/GZt61d8bez
Trading Video: Yellen Testimony and UK CPI Mark GBPUSD for Volatility

Trading Video: Yellen Testimony and UK CPI Mark GBPUSD for Volatility

John Kicklighter, Chief Strategist

Talking Points:

• Equities, yen crosses and EURUSD bounced Monday; but the move seemed more anticipatory than committed

• Event risk fills out starting with this sessions UK CPI, Fed Chair Yellen testimony and BoJ decision

• There are a number of Dollar, Pound and risk-based opportunities; but impact depends on the scenario

See volume behind the majors during the NFPs and ECB rate decision to gauge your trading approach using the free FXCM Real Volume and Transactions indicators.

The new trading week opened with a measured correction to last week's broad retreat for risky assets. Yet, the true moves will likely be reserved for upcoming event risk. Looking to the economic docket, we have such heavy-hitting listings as Fed Chairwoman Janet Yellen's semi-annual testimony, UK CPI and the BoJ rate decision. These will have a certain impact on interest rate expectations for their respective currencies - and they may even tip the underlying balance between risk and reward. We discuss the upcoming event risks, the bearings for speculative appetite, gold's spat of volatility and trade opportunities in today's Trading Video.

Sign up for John’s email distribution list, here.

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

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