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Bank of England Keeps Interest Rate Unchanged

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On Thursday, the British Pond surged to its highest level in two weeks vs. U.S. dollar as the Bank of England held its benchmark interest rate steady, despite speculation that it would cut rates.

Sterling rose as high as $1.3480 vs. USD, the highest level since 30th June, before falling back to $1.3350. Cable could trade above $1.33 by the end of the week.
The number of Americans filing for unemployment benefits unexpectedly settled last week, suggesting an increasing momentum in the labor market after U.S. job growth surged in June.
U.S. dollar index fell by 25 pips and declined to 96.10.

U.S. producer prices rose more rapidly than anticipated last month and recorded their biggest gain in a year as the cost of energy products and services raised; pointing to a stable build-up in inflation as the drag from a strong dollar and lower oil price fades.

USD recovered vs. yen and traded around ¥106 as U.S. producer prices recorded their biggest gain in a year in June. The pair could see a potential correction to ¥105 by the end of the week.
Gold settled at $1,330, affected by the BoE’s decision and strong U.S. data.
On Thursday, Oil prices recovered after U.S. inventories were declined unexpectedly. It traded above $45.50 and could settle at $45.

The most important economic events:

  • USD Advance Retail Sales (JUN): (GMT: 14:30) – Important – Forecast (0.1%) – Previous (0.5%).
  • USD Consumer Price Index (YoY) (JUN): (GMT: 14:30) – Important – Forecast (1.1%) – Previous (1.0%).
  • USD Consumer Price Index Ex Food & Energy (YoY) (JUN): (GMT: 14:30) – Important – Forecast (2.2%) – Previous (2.2%).
  • USD U. of Michigan Confidence (JUL P): (GMT: 16:00) – Important – Forecast (n/a) – Previous (93.5).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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