Mike Paterson’s Forex Update

BoE news release:

‘The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £275 billion financed by the issuance of central bank reserves.

The Committee expects the announced programme to take another three months to complete. The scale of the programme will be kept under review.

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 16 November.

The minutes of the meeting will be published at 9.30am on Wednesday 23 November.’

This is as expected.

GBPUSD – 1.5935

EURGBP – 0.8547 (GBPEUR 1.1697)

EURUSD – 1.3617

A small rally in the Pound after the news, but it has now fallen back again as attention returns to Italy and the Eurozone, at least until key US data out later today at 13.30 GMT

There has been plenty of action already this morning and there will be a lot more to come.

At my desk if you want to discuss strategy or place orders.

Today's Data:


Live Economic Calendar Powered by Forexpros – The Leading Financial Portal

Weekly Economic CalendarHERE

Interbank Rates as of 12:05 BST

Current Price

EUR/USD

1.3617

GBP/USD

1.5935

EUR/GBP

0.8547

GBP/EUR

1.1697

GBP/CHF

1.4393

GBP/AUD

1.5674

EUR/CHF

1.2304

GBP/HKD

12.3544

EUR/HKD

10.5620

GBP/ZAR

12.7342

GBP/CZK

2.9772

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.

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