BoE speech eyed

June 27, 2018

A much busier day today with plenty of significant pieces of information set for release.

USD-paired currencies took a hit as the dollar strengthened overnight. The EUR/USD started the session well, climbing to a high of $1.17194 early. It was not able to hold onto those gains as it retreated for most of the session. The pair eventually hit lows of $1.16338 in late trading. It has come off those lows and is currently trading at $1.16502. The GBP/USD followed the same pattern.  It reached an early high of $1.32917 before falling away for most of the day. It dropped to lows of $1.31910 quite late but has rebounded since, sitting at $1.32225.

The Dow remained quite flat in trading yesterday, steadying after the falls of the last few days. It opened at 24,298.31 and added around 70 points before weakening again to lows of 24,229.45. It reversed its fortunes as it climbed to a high of 24,390.60. It could not hold onto those highs as it retraced to its present level of 24,300.70 – within three points of its opening price yesterday. The Dax closed the session slightly down overnight. After opening at 12,314.16, it climbed to an early high of 12,354.50. It was unable to keep those gains as it went backwards until it hit lows of 12,184.40. It managed to climb off the canvas and close as 12,284.00.

The day ahead has plenty of significant announcements. Attention turns to BoE Governor Mark Carney, who will be holding a press conference about the Financial Stability Report that is also set for release. This report is an assessment of conditions of financial system as well as any weaknesses and risks in it. This speech may hint at the makeup of monetary policy settings in the future. Other data set for release today include:

Japan – Retail Sales

China – CB Leading Index

Canada – BoC Governor Stephen Poloz speaks

UK – FPC Statement, CBI Realised Sales, Nationwide HPI

NZ – Official Cash Rate, RBNZ Rate Statement. ANZ Business Confidence

Europe – Credit Suisse Economic Expectations, SNB Quarterly Bulletin, European M3 Money Supply & Private Loans

UK – Durable & Core Durable Goods Orders, Goods Trade Balance, Prelim Wholesale Inventories, Pending Home Sales, Crude Oil Inventories, FOMC Member Randal Quarles speaks

 

Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.