Bank of England’s inflation report today
February 8, 2018
Europe Market Movements
The euro’s climb against the pound has been halted today in anticipation of the UK’s ‘Super Thursday’ data. With the Bank of England releasing its interest rate decision and monetary policy meeting minutes GBP volatility is a real possibility today. The EURGBP is down today to 0.8830 from yesterday’s 0.8882 at 8:00 am GMT
US Market Movements
The Canadian dollar did not react substantially to yesterday’s Building Permits data and EIA Crude Oil Stocks. The Jobless data in the US, together with the Super Thursday events in the UK and the Housing Starts in Canada itself could cause major moves to greenback and loonie currency pairs.
Asia/Oceania Market Movements
Asian stocks have closed higher today. The Nikkei jumped 1.13%. The South Korean Kospi closed up 0.46%, Australia’s S&P/ASX 200 rose by 0.24% and the Hang Seng was up by 0.35%. Will the US markets move in the same direction? The Chinese yuan fell by around 1%. How will this affect the AUD?
Goldman Sachs has said that most cryptocurrencies are likely to fall to a value of zero. Steve Strongin, head of Goldman Sachs global investment research, said that cryptocurrencies have no intrinsic value and its “unlikely” whether any of today’s digital currencies will survive in the long run. This mirrors what JP Morgan CEO said last year, that “any JPM trader caught trading bitcoin” would be “fired for being stupid.”
Wall Street shares steadied yesterday with the Dow Jones falling less than 0.1%. The S&P 500 fell by about 0.5% and Nasdaq by 0.9%. News were better in Europe with the FTSE 100 rising by 1.9%, the Cac-40 by 1.8% and the Dax by 1.6%. Will the trend continue today?
|9:00 GMT||AUD: RBA’s Governor Speech|
|12:00 GMT||GBP: Monetary Policy Summary|
|12:00 GMT||GBP: BOE Inflation Report|
|12:00 GMT||GBP: Official Bank Rate|
|13:15 GMT||CAD: Housing Starts s.a.|
|13:30 GMT||USD: Initial & Continuing Jobless Claims|