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Forex Today: Markets await the Bank of England

Forex Today: Markets await the Bank of England

➡️ The Bank of England is expected to leave its interest rate unchanged at 5.25%, with the real issue of interest being the language within its monetary policy statement.

➡️ The Japanese yen continues to sell off this week, following big gains made last week following two suspected interventions in its favor by the Bank of Japan. Professional investors remain mostly convinced that the Bank of Japan's intervention will fail and are betting that it will the USD/JPY currency pair will reach ¥160. Currency crosses often rebound the following week against an unusually large move from the previous week, and this appears to work against the Yen. It might be wise to look for long trades on Yen crosses, Mostly in NZD/JPY And CHF/JPY .

➡️ The US dollar is struggling to continue its recent gains, as the index is bumping into strong resistance at 105.21. In the Forex market, since Tokyo opened today, the strongest major currency has been the New Zealand dollar, while the weakest major currency has been the Japanese yen.

➡️ Global stock markets are mostly slightly higher in recent hours, although the overall picture is mixed. Most markets are in a long-term bull market trend.

➡️ Precious metals like gold and silver are showing stable price action and look set to rise higher in the near term, especially silver.

➡️ The US 30-year bond auction will be held later today.

 

Credit by DailyForex.com

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