Thu, Jan 28, 2021 @ 08:45 GMT
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Eurozone Industrial Production Expected To Rebound From Last Month’s Decline

At 08:30 GMT, the BOE Credit Conditions Survey will be published. This is a survey of lenders which asks respondents to rate the level of credit conditions, including secured and unsecured loans to households, small businesses, non-financial corporations and non-bank firms. GBP pairs could move because of this data...

Sunset Market Commentary

Markets: The German Bund opened lower this morning, catching up with the US Note future’s losses after Chinese President Xi Jinping reached out to the US in a market-friendly speech. Other Chinese comments later dented early optimism somewhat, suggesting difficult negotiations ahead. Core bonds hovered sideways during the first half...

Yen and Dollar Broadly Lower, Markets on Risk on Mode as Trade War Fear Temporarily Relieved

Japan Yen and, to a slightly lesser extent, Dollar suffer broad based selloff today as global markets return to risk seeking mode. Major European indices are generally higher with DAX up near 1% at the time of writing. CAC is up 0.55% and FTSE is up 0.6%. That followed...

BoE hawk McCafferty: Don’t dally when tightening modestly

BoE known hawk Ian McCafferty urged his fellow policymakers not to "dally" when it comes to tightening policy modestly. He is seeing no labor market slack in the economy. In addition, there are modest upside risks to wage growth forecasts presented in the February Quarterly Inflation Report. He added that...

UK PMIs to Stoke May Hike Odds by the Bank of England?

The UK will see the release of March PMI figures for the construction and services sectors on Wednesday and Thursday respectively, both at 0830 GMT. The figures, especially the one for the dominant-for-the-UK-economy services sector, have the capacity to steer the probability of an interest rate hike by the...

BoE FPC report: Existing crypto-assets did not currently pose a material risk to UK financial stability

BoE just released the record of the Financial Policy Committee (FPC) meeting on March 12. Here are some points to note: Regarding the risks of disruption to UK financial services arising from Brexit: The FPC Reviewed progress on the checklist that it published in November, of actions that would mitigate risks of...

Global Stock Market Crashed, Dollar Tumbled after Episode 1 of US-China Trade War

Global stock markets suffered steep selloff last week as US President Donald Trump has finally declare the start of trade war with China. Dollar was under broad based pressure with the development, but it was only the second weakest one. Australian Dollar suffered most for it's close trade link...

BoE: Rate Hike in May by the MPC Still in Play

CPI inflation in the United Kingdom fell from 3.0 percent in January to 2.7 percent in February, which could compel the Monetary Policy Committee (MPC) to remain on hold for the foreseeable future. But the labor market and the broader economy appear to be performing well, and the MPC...

Weekly Economic and Financial Commentary: Fed Rate Hikes Remain on Path

U.S. Review Fed Rate Hikes Remain on Path The Fed raised the federal funds rate one quarter of a percentage point to 1.75 percent on Wednesday in a widely expected move, despite less-than-stellar economic data reported so far in Q1. Looking further ahead, seven Fed members now expect four or...

BoE Signals A May Rate Hike, Trump Hits China With Tariffs

Following the Fed meeting, it was the turn of the Bank of England. As widely expected, the central bank held interest rates steady at 0.5%, albeit with two dissenting votes in favor of a rate hike. The central bank stuck to the base scenario of cementing expectations for a next...

Forex Analysis: BOE Leaves Rates On Hold, 2 Out OF 9 Vote For Hike

The Bank of England Interest Rate Decision was as expected and left rates unchanged at 0.5%. The BOE Minutes, BOE Quarterly Inflation Report and the Monetary Policy Statement were released at the same time. BOE Asset Purchase Facility was left unchanged, as expected, at £435B. While no change in...

North America Takes The Spotlight On Friday

A steady stream of North American data will capture the spotlight on Friday, giving investors the latest on the U.S. and Canadian economies. There are no major data releases scheduled during European trading. On the policy front, the European Council is planning to conclude a meeting in Brussels on Friday....

Global Markets Crash, Yen Surge as US-China Trade War Starts

US stocks tumbled sharply in the final hour of trading overnight, taking out key support levels in the wake of the start of US-China trade war. DOW closed sharply lower by -724.42 pts or -2.93% at 23957.89 overnight as fear of trade war intensified. S&P 500 was down -68.24...

BoE Still on Track for a May Hike

The Bank of England maintained monetary policy unchanged but two BoE members (Ian McCafferty and Michael Saunders) voted for an immediate rate hike (vote count 7-2 for an unchanged Bank Rate). While Mark Carney has already revealed that the BoE no longer wants to pre-commit to a hike, this...

Pound Dips Despite Sharp Retail Sales

The British pound has headed lower in the Thursday session. In North American trade, GBP/USD is trading at 1.4091, down 0.36% on the day. On the release front, British Retail Sales impressed with a strong gain of 0.8%, beating the estimate of 0.4%. As expected, the Bank of England...

Sunset Market Commentary

Markets: Global core bonds extended yesterday's rebound, but for different reasons. The corrective bull steepening after yesterday's FOMC meeting didn't continue in Asian dealings or at the start of European trading. Disappointing EMU PMI's nevertheless generated a new bid in core bonds, with this time mainly the longer end of...

Yen Steals the Show on Trade War Worries, Sterling Reversed after Brief BoE Spike

Sterling attempts to rally after BoE rate decisions but failed to sustain gain. On the other hand, Yen is quietly stealing the show on risk aversion. Investors are worried that the world is finally entering into the phase of trade war with US President Donald Trump's scheduled announce of...

BOE Voted 7-2 to Leave Bank Rate Unchanged at 0.50%

BOE voted 7-2 to leave the Bank rate at 0.50%. The members voted unanimously to leave to asset purchase program unchanged at 435B pound. The members were generally positive over the economic outlook, noting that "recent data releases are broadly consistent with the MPC's view of the medium-term outlook...

GBP rally held back by lack of aknowledgement of Brexit negotiation progress by BoE

More on BoE, apart from Saunders and McCafferty, there seems to be nothing worth noting in today's announcement. Overall tone of the statement remained the same as February's. Brexit development was just briefly mentioned. The essential part regarding Brexit was totally unchanged. BoE maintained that the projected 1.75% GDP growth...

Dollar Holds Weak Ahead Of Trump’s Chinese Tariffs, BoE Decides On Interest Rates

Here are the latest developments in global markets: FOREX: The US dollar index was falling by 0.03% against a basket of major currencies during early European afternoon and dollar/yen remained under pressure, losing 0.39%. The fall in the dollar came in after the Fed raised interest rates, as was widely...

GBP spikes high, EUR/GBP breaks key support as McCafferty and Saunders voted for BoE hike

BoE stands pat as widely expected. And just as we anticipated, Ian McCafferty and Michael Saunders come back with votes for rate hike. This feels like the irresistable nature of hawks. Sterling spikes higher broadly after the release. And EUR/GBP dives through key support level at 0.8686 to as low...

(BOE) Bank Rate Maintained at 0.50%

Our Monetary Policy Committee has voted by a majority of 7-2 to maintain Bank Rate at 0.50%. The committee also voted unanimously to maintain the stock of corporate bond purchases and UK government bond purchases. The Bank of England's Monetary Policy Committee (MPC) sets monetary policy to meet the 2%...

Risk Appetite Fades Ahead Of Trump Chinese Tariff Announcement

Thursday March 22: Five things the markets are talking about Ahead of the U.S open, Treasuries prices have rallied, the once ‘mighty’ dollar has extended its losses and Euro equities are under pressure as the market assesses the implications of higher borrowing costs in the U.S and in China, alongside...

BoE To Follow In The Footsteps Of The Fed?

Investors Anxious About Pace of Tightening and Trade Wars; BoE Expected to Signal May Rate Hike Today. Investors Anxious About Pace of Tightening and Trade Wars US futures are coming under pressure once again ahead of the open on Thursday, as investors continue to display an anxiety about the path...

Dollar Extends Declines As FOMC Sticks To 3 Hikes, BoE And US Tariffs Decision In Focus

Here are the latest developments in global markets: FOREX: The dollar extended its declines from yesterday on Thursday, touching its lowest in nearly two weeks versus a basket of currencies. FOMC policymakers' decision to continue signaling three hikes in total for 2018 was seen as the catalyst behind the US...

Dollar Dips On Dot-Plot Disappointment, BoE In Focus

The Federal Reserve has lifted interest rates to their highest level since the financial crisis, but Dollar bulls are clearly unamused. Although on Wednesday, as widely expected, US interest rates were raised by 0.25% to a new band of 1.5%-1.75%, investors were more concerned with the dot-plot and Powell’s press...

German PMI, BOE Rate Decision And US Jobless Claims

At 08:30 GMT, German Markit Manufacturing PMI (Mar) is expected to come in at 59.8 from 60.6 previously. Markit Services PMI (Mar) is expected at 55.0 v 55.3 previously. Markit PMI Composite (Mar) is expected to be 57.0 from 57.6 prior. The expectation is for a slip in these...

USD Falls On Fed Rate Hike, BoE Meeting Up Next!

It was a busy day for the markets with key events lined up that included the UK jobs data, the U.S. Federal Reserve meeting and the RBNZ monetary policy meeting. Data from the UK showed that the unemployment rate fell to 4.3% on the month beating estimates of an unchanged...

BOE To Leave Rates Unchanged But Watch For Signal Of May Hike

The Bank of England is expected to leave rates unchanged today at 0.5% but will potentially lay the groundwork for a hike of rates in May. Market analysts will look to the Monetary Policy Summary for guidance indicating any hawkish tone on the back of Brexit progress and a...

Will BoE Lay The Foundations For May Rate Hike?

Brexit, trade wars, slow economic growth and heightened tensions with Russia, not exactly the ideal environment for a central bank to consider raising interest rates. Yet, that's exactly what the Bank of England is doing and on Thursday, they may signal and intention to do just that at the...