Daily Update - 27th June 2018
The pound weakened yesterday on the back of the announcement that Jonathan Haskel will replace Ian McCafferty at the BoE Monetary Policy Committee. The negative comments from the BoE members are not doing any favors to the Sterling. The downfall accelerated further following some dovish comments by BoE MPC member John Haskel, indicating a possible rate cut if the economy goes south. Additional comments from Dallas Federal Reserve Bank President Robert Kaplan is crossing the wires. Kaplan commented that China is real threat on the trade. EUR/USD remains on the defensive on Tuesday, fading Monday’s spike to the critical barrier in the 1.1720/30 band, albeit meeting moderate support in the mid-1.1600s so far. Today the UK will be on focus. BoE Governor Mark Carney's Speech will be on spotlight. The previous negative statements from the BoE members made the GBP/USD pair a downside drift. Today's speech will be followed by the Financial Stability Report which will shows the Committee's assessment of the outlook for the stability and resilience of the financial sector at the time of preparation of the Report, and the policy actions it advises to reduce and mitigate risks to stability. The Durable Goods Orders, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which often involve large investments they are sensitive to the US economic situation. Pending Home Sales released by the National Association of Realtors is a leading indicator of trends of the housing market in the US which is considered as a sensitive factor to the US economy, it generates some volatility for the USD.Yesterday’s Market
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