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Pound Falters on BoE, Will Dollar Clear 12 Year Highs on Payrolls?

Pound Falters on BoE, Will Dollar Clear 12 Year Highs on Payrolls?

John Kicklighter, Chief Strategist

Talking Points:

• Monetary policy extended its influence over the FX market with a softened BoE outlook pulling GBP back

• US labor data for October is due ahead with the Dollar standing just off 12-year highs

• Will 'risk trends' feel the crosswind from monetary policy with central bank support in the balance?

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Monetary policy continues to shape the major trends and swells of volatility in FX market. Will this important fundamental theme once again take the reins of risk-sensitive assets like the S&P 500 at this critical market phase? In the past week, the central bank influences from the Fed, ECB, BoJ, SNB, PBoC, RBA, BoC and RBNZ have led to significant moves among the FX majors. Throwing its weight into the mix, the BoE battered the Pound Thursday with a downgraded view that doused one of the market's most remarkable (hawkish) standings. Ahead, we will see if the world's most famous central bank outsider - the Fed - can maximize its divergent path or whether it will be forced to capitulate and conform. Few events can single-handedly dictate rate speculation, but the US jobs data is one of them. We consider the upcoming top event risk, the general theme of monetary policy and the pressurized standing of risk trends in today's Trading Video.

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

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