The Bank of England was expected to leave its policy unchanged one month ahead of the UK elections. Last time, one member voted for a rate hike, but a unanimous vote was on the cards now. In addition to the decision, the Bank also releases its Quarterly Inflation Report (QIR). The latter includes forecasts for growth and [...]
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The British pound is on the move, not waiting for the BOE’s “Super Thursday”. Sterling is falling as all the figures align to the downside. GBP/USD dropped some 25 pips and trades at 1.2917. The goods trade balance showed a wider than expected deficit: 13.4 billion against 11.7 predicted. Industrial output is down 0.5%, slightly [...]
The post GBP/USD slides on poor data ahead of the BOE appeared first on Forex Crunch.
The Canadian dollar managed to bounce back after oil prices recovered. WTI Crude Oil managed to recapture the $47 triple bottom level it had lost beforehand. In turn, USD/CAD dropped all the way to 1.3650. The advance of the loonie has now been erased due to an unexpected source. Moody’s, a rating agency, cut the credit [...]
The post CAD: Oil isn’t enough – C$ falls on bank downgrades appeared first on Forex Crunch.
