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Mid-Day Report: Sterling Pounded by Disappointing BoE MinutesSterling is knocked down earlier today as bulls are disappointed by the BoE meeting minutes, which showed only three policy makers voted for hike in March meeting, same as that in February. The lack of a fourth dissenter to keep rates unchanged cooled speculation of a May hike. Amonth the three members favored increasing interest rates during the meeting, Andrew Sentance maintaining his call for an increase the policy rate to 1% while Martin Among and Spencer Dale voted for a move to 0.75%. They believed upside risks to 'the medium-term inflation outlook from the possibility that inflation expectations might increase'. Concerning the asset-purchase program, Adam Posen is the only member voting against the policy as he suggested increasing the size of the program by 50b pound to a total of 250B pound. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6303; (P) 1.6351; (R1) 1.6411; More. GBP/USD's break of 1.6291 minor support suggests that a temporary top is in place at 1.6400 and bias is turned neutral. Deeper retreat could be seen to 4 hours 55 EMA (now at 1.6210). But we'd stay bullish as long as 1.5976 support holds and expect rise from 1.5343 to resume later. Break of 1.6400 will target 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next. |
| Featured Technical Report |
BOE On Hold While Seeing Heightened Inflationary Pressure In Near-TermThe BOE kept the Bank rate unchanged at 0.5% and the asset-purchase program at 200B pound as policymakers need to gauge oil's impact on inflation, according to minutes for the March meeting. Member voted 6-3 to keep rates on hold and 8-1 to keep the asset-purchase program unchanged. Inflationary pressures remain elevated and the central bank believed there's 'a significant risk that inflation would exceed 5% in the near term'. The next focus is the annual budget that Chancellor of the Exchequer Osborne will be presenting later today. |
| Economic Indicators Update |
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Trade Idea Update: USD/JPY – Buy at 80.00Although the greenback has recovered after intra-day fall to 80.70, above minor resistance at 8132 (Monday's high) is needed to suggest the pullback from 82.00 has ended and bring test of 81.75 but only break of latter resistance is needed to retain bullishness and signal upmove from last week's low at 76.25 has resumed and bring retest of 82.00. Looking ahead, above this level would extend rise towards resistance area at 82.31-47 Trade Idea: AUD/USD – Buy at 0.9995Despite yesterday's rise to 1.0128, as aussie has retreated and traded narrowly since, suggesting further consolidation would take place and retracement to 1.0035/40 is likely, however, reckon renewed buying interest should emerge around 0.9995 (38.2% Fibonacci retracement of 0.9781-1.0128), bring another rise later. Above said resistance would extend gain to resistance at 1.0162 but break there is needed to signal early correction has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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