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All Eyes on the BOE’s Policy Rate and Statement

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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, leading to 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 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 firmer ahead of today’s scheduled policy rate announcement, with the GBP/USD pair rising from 1.361 to 1.369.From a technical perspective, the GBP/USD pair has formed an engulfing pattern on the daily chart. We need to carefully assess whether it will continue to rise while raising its lows without breaking below 1.340.

Today, German manufacturing orders are scheduled for 16:00, the UKConstruction PMI at 6:30 p.m., the Eurozone Producer Price Index at 7:00 p.m., U.S. Challenger Job Cuts 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, and U.S. Trade Balance; at 22:00, remarks by ECB President Lagarde; at 23:30, U.S. Weekly Natural Gas Inventories; and at 26:50, remarks by BOE Deputy Governor Kanliff.While keeping an eye on the UK’s policy rate and the content of the statement, I’d like to 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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