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Symbol Bid Ask EURCHF 1.20046 1.20274 EURUSD 1.23823 1.23973 GBPUSD 1.5642 1.56686 NOKJPY 17.217 17.384 USDJPY 117.689 117.932 USDSGD 1.29765 1.30156 USDTRY 2.21832 2.22528
Symbol Bid Ask AUS200 5348.9 5351.1 ESP35 10534.9 10545.1 GER30 9714.9 9717.1 HKG33 23414.9 23430.1 UK100 6739.9 6742.1 US30 17806.9 17811.1
Symbol Bid Ask UKOil 80.489 80.541 USOil 76.659 76.711 XAGUSD 16.374 16.506 XAUUSD 1201.17 1201.79
Abshire-Smith Market Analysis
The Chinese Central bank, The PBOC has cut interest rates for the first time since 2012. The surprise move of lowering borrowing costs to counteract a cooling economy, which is on track for its lowest annual growth in 24 years (CNBC). The move to reduce rates by 25bps, to 2.75% comes into effect from the 22nd of November Following the announcement commodity currencies, specifically the Aussie Dollar strengthened from 0.8630 to trade a session high of 0.8721....
The Bank of England minutes for the MPC meeting held 5th and 6th November were less dovish than the market had expected with the split being the same as October. The MPC split was a 7-2 vote for interest rates to be left unchanged at 0.50%, with Weale and McCatherty voting for a 25bps rate rise. The committee voted 9-0 to leave the asset purchase (QE) programme at £375bn. ...
The Bank of England will release the Monetary Policy Committees minutes for the meeting on the 6th November. The MPC voted to leave interest rates at the record low of 0.50% and the quantitative easing asset purchase programme is £375bn. The announcement was as expected, with little effect to sterling in the FX markets. The October minutes showed the vote was 7-2, with the two dissenters being Ian McCafferty & Martin Weale. Traders will be watching today’s minutes for a change in tone......
To understand the Japanese Yen’s movement it is important to understand the term that is readily banded around as the reason for the currency’s depreciation, Abenomics. (See footnote explaining Abenomics)...
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