Global macro overview for 05/11/2015

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Global macro overview for 05/11/2015 Empty Global macro overview for 05/11/2015

Post  Admin on Thu Nov 05, 2015 11:58 am

The most important macroeconomic event of the day is so called "Super Thursday BoE", when Bank of England will flood the markets with data regarding the interest rate decision, meeting minutes, the quarterly inflation report, and a speech from the Governor himself, Mark Carney (all events are scheduled at 12:00am GMT). Investors hope that the unclear statements made by Carney some time ago about raising the rates around the year end will be justified and specified today after the BoE meeting. Under these circumstances, the BoE minutes would be key information provider telling investors about other potential scenarios for further BoE moves, with Carney himself potentially coming around to the idea.

The GBP/USD pair is trading under the important resistance at the level of 1.5508. Next support is seen at the level of 1.5359


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Global macro overview for 05/11/2015 Empty Re: Global macro overview for 05/11/2015

Post  Admin on Thu Nov 05, 2015 11:59 am

In her first public comments since the Fed's meeting last week, Federal Reserve Chair Janet Yellen said on Wednesday that a possible interest rate "liftoff" could be declared in December. Nevertheless, the overall path of the pending interest rates hike will be slow and steady without any sudden moves. The Fed policy towards the potential rates hike is still very data depended and the key areas the policy makers are watching are unemployment, economic growth, and inflation levels. After this remarks, market participants have set their expectations of a December rates hike above 60 percent again.

The US Dollar index is currently trading just ahead of the important resistance at the level of 98.32 well above the 55, 100 and 200 days moving average.


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