Attention on the UK's policy rate and statement release
24.06.2021
- Bank of England Interest Rate Announcement
- U.S. First-Quarter GDP (Final Estimate)
Yesterday, the Nasdaq extended its winning streak to three days on the U.S. market, hitting a new record high and closing at 14,271 points, up 0.13% from the previous day. The market saw a calm trading session with stock prices, interest rates, and commodities all trading sideways. The VIX (fear index) settled around 16.3, while WTI crude oil traded sideways around $73.1. BTC/USD is trading in the $32,000 range.
In the foreign exchange market, cross-yen pairs have been weak during today’s Asian trading session, with GBP/JPY falling from 155.15 to 154.67. GBP/JPY has not yet fully recovered from last week’s 350-pip decline, and the market direction is likely to be determined by whether today’s interest rate decision and policy statement include any comments on tapering.
Today’s economic indicators include Turkey’s capacity utilization rate at 4:00 PM, Germany’s IFO Business Climate Index at 5:00 PM, South Africa’s Producer Price Index at 6:30 PM, the Bank of England’s interest rate decision at 8:00 PM, U.S. initial jobless claims and wholesale inventories at 9:30 PM, and the U.S. first-quarter GDP (final reading),U.S. Core PCE Deflator, U.S. Durable Goods Orders (Preliminary), 10:00 PM: U.S. Remarks by Barkin, President of the Richmond Fed, 10:30 PM: U.S. Remarks by Bostic, President of the Atlanta Fed, 12:00 AM: U.S. Remarks by Williams, President of the New York Fed, and 2:00 AM: U.S. 7-Year Treasury Auction.We will be closely monitoring whether the pound maintains its strength following today’s UK interest rate announcement.
Author: Keisuke Sakurai
