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All Eyes on the BOE’s Policy Rate and Statement

Market Report

All Eyes on the BOE’s Policy Rate and Statement

04.11.2021

Today's Highlights
  1. UK: Policy Rate and Statement Release
  2. U.S. Initial Unemployment Insurance Claims

Yesterday, the three major U.S. stock indices all extended their gains, resulting in a “risk-on” market characterized by rising stock prices, higher interest rates, and lower crude oil prices. Although gold rose immediately after yesterday’s FOMC announcement, it is currently trading around $1,774. The yield on the 10-year U.S. Treasury note has risen to 1.60%.

In the foreign exchange market, the pound is trading firmer ahead of today’s scheduled policy rate announcement, and the GBP/USD pair has risen from 1.361 to 1.369.From a technical perspective, the GBP/USD pair has formed an engulfing pattern on the daily chart. It remains to be seen whether the pair will continue to rise while forming higher lows without breaking below 1.340, and this situation warrants careful analysis.

Today, German manufacturing orders are scheduled for 4:00 p.m., the UKConstruction PMI at 6:30 p.m., the Eurozone Producer Price Index at 7:00 p.m., U.S. Challenger Layoff Forecasts at 8:30 p.m., the U.K. policy rate and statement at 9:00 p.m., a press conference by U.K. BOE Governor Bailey at 9:30 p.m., Canada’s trade balance,U.S. Initial Jobless Claims, U.S. Trade Balance, at 10:00 p.m. a speech by ECB President Lagarde, at 11:30 p.m. U.S. Weekly Natural Gas Inventories, and at 2:50 a.m. a speech by BOE Deputy Governor Kanliff.While keeping an eye on the UK’s policy rate and the content of the statement, we will focus on the strength and weakness of European currencies.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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All Eyes on the Direction of European Currencies Following the FOMC Meeting

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Will the U.S. Employment Report Clarify the Direction of the U.S. Dollar?

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