Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
The BOE meeting: a ray of hope for the GBP?
Information is not investment advice
The Bank of England will release its monetary policy summary and announce the interest rate on September 19, at 14:00 MT time.
The market does not expect any changes to the current interest rate, which is held at 0.75%. The regulator will continue to watch the Brexit progress ahead of the deadline on October 31. Traders will be looking for potential trading opportunities in the monetary policy summary. If it contains positive information about the current economic outlook of Great Britain, this fact will be seen as bullish for the British pound. In addition, the clues on the changes to the BOE monetary policy will be in focus.
• If the Bank of England is hawkish, the GBP will rise;
• If the Bank of England is dovish, the GBP will fall.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.