Currencies: Updates

Currency Trading Update

There's little to comment on regarding the actual Million Dollar Portfolio Challenge this morning since there was no trading yesterday due to the MLK, Jr holiday, but here are the economic indicators we think may be worth watching over the next 24 hours:

Asian Trading Session
*No key indicators due to be released.

European Trading Session
01/21, 04:30 ET
The Bank of England’s meeting minutes tend to be a huge market-mover for the British pound upon release at 4:30 ET, and this time is unlikely to be any different. During the January meeting, the BOE’s Monetary Policy Committee (MPC) slashed the Bank Rate by 50 basis points to a record low of 1.50 percent, as expected.  However, the British pound subsequently rallied as the MPC did not give any indication that they would cut rates again during their February 5 meeting. The British pound’s response to the release of the minutes will depend on if the MPC’s comments and outlooks signal the same thing: that the BOE will hold a more neutral stance going forward. If, on the other hand, the MPC seems to hold a more dovish stance, the British pound could continue to pull back sharply.

US Trading Session
*No key indicators due to be released.

Terri Belkas
Currency Strategist
Forex Capital Markets LLC

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