BoE to announce interest rate today
City Index May 11, 2015 2:47 PM
<p>After the dust has settled from the election, we see GBP/USD sit just above the 1.54 level, after struggling to keep above the 1.55 level […]</p>
After the dust has settled from the election, we see GBP/USD sit just above the 1.54 level, after struggling to keep above the 1.55 level from Friday.
Today will all be about the rate decision from the UK after not being able to announce this while an election is in progress. we get the decision today, and no surprises are expected with rates and QE to stay unchanged.
The euro has continued to weaken from Friday and is now below the 1.12 handle, possibly looking to go back to 5th May lows of 1.1060. There is no data out today, but the Eurogroup meetings are underway so any speakers from this may have an impact on the direction of the euro; notably any comments on Greece’s future in the Eurozone.
The USD/JPY has been in a tight range and is looking to break the 120 barrier, it should find support around its 7th May low of 119.03, but with no data from the US today we will be listening for any unannounced speakers to push it.
Support 1.1160-1.1110-1.1045 | Resistance 1.1270-1.1330-1.1380
Support 119.50-119.20-118.80 | Resistance 120.15-120.50-120.80
Support 1.5290-1.5130-1.5010 | Resistance 1.5570-1.5690-1.5850
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