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Attention on the BOE’s policy rate and statement

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Attention 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 Jobless Claims

Yesterday, the three major U.S. stock indices all extended their gains, leading to a risk-on market characterized by rising stock prices, higher interest rates, and lower oil prices. Although gold rose immediately after yesterday’s FOMC meeting, 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 higher ahead of today’s scheduled policy rate announcement, with GBP/USD rising from 1.361 to 1.369. From a technical perspective, GBP/USD has formed a bullish engulfing pattern on the daily chart, and we need to carefully assess whether it will continue to rise by forming higher lows without breaking below 1.340.

Today’s schedule includes German manufacturing orders at 4:00 PM, the UK Construction PMI at 6:30 PM, the Eurozone Producer Price Index at 7:00 PM, the US Challenger job cuts forecast at 8:30 PM, the UK interest rate decision and statement at 9:00 PM, a press conference by Bank of England Governor Bailey at 9:30 PM, and the Canadian trade balance,U.S. Initial Jobless Claims, U.S. Trade Balance, at 10:00 PM: Remarks by ECB President Lagarde, at 11:30 PM: U.S. Weekly Natural Gas Inventories, and at 2:50 AM: Remarks by BOE Deputy Governor Canrif. We should pay close attention to the content of the UK’s policy rate decision and statement, while also monitoring 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 focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Attention on the direction of European currencies following the FOMC meeting

Next Article

Will the U.S. jobs report clarify the direction of the U.S. dollar?

Past Market Reports

  1. 17.04.2026New

    Will the market wait and see how much further the U.S. dollar can rise against the yen?

  2. 16.04.2026New

    Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

  3. 15.04.2026New

    Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

  4. 14.04.2026New

    Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

  5. 13.04.2026New

    Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

  6. 10.04.2026

    Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

  7. 09.04.2026

    Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

  8. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

  9. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

  10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed

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