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2 New Big Trade Orders for 09.07.2015
***CANCEL EUR/USD & EUR/JPY Big Trade Orders
2 New Big Trade Orders 1. USD/CAD
2 New Big Trade Orders
Place Order to Sell 1 Lot USD/CAD at 1.3290
Place Order to Sell 1 More at 1.3480
Stop for ALL 1.3655
The Bank of Canada has a monetary policy meeting this week and between the recent recovery in oil prices along with the uptick in employment and IVEY PMI, the central bank should sound more upbeat, reversing the slide in the Canadian dollar. The greenback on the other hand could experience further profit taking ahead of next week’s FOMC rate decision providing scope for a deeper reversal in USD/CAD.
Place Order to Sell 1 Lot GBP/CHF at 1.4920
Place Order to Sell 1 More at 1.5140
Stop for ALL 1.5285
The Bank of England also meets this week and given the downside surprises in all 3 PMIs and international developments, UK policymakers should grow less hawkish. When we last heard from the central bank in August, the conviction for a Q1 rate hike was wavering. At the time, Investors were looking for a clear sign that the central bank is moving closer to raising interest rates but instead what they got were changes in their economic forecasts that suggests the central bank is still in no rush to tighten. The Bank of England left monetary policy unchanged with only 1 member of the policy committee voting for a rate rise. More importantly, the BoE lowered its 2015 and 2016 inflation forecast citing lower commodity prices and a stronger currency. This view is likely to have hardened in the past month