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The market be focused on both Australia and UK over the next 24 hours as AU CPI data and BoE MOC meeting both hit the global event risk docket. In Australia the RBA has made it perfectly clear that they are willing to lower rates once again if they feel that the AU economy needs further stimulus. One possible factor in easing their decision would be a low rate of inflation. The CPI data is forecast to decline and if it does the market may take that as a green light for RBA to cut rates in May.
In UK meanwhile the focus will be on tightening. With UK economy doing far better than Europe as a whole, the BoE may be ready to follow the Fed and move off the zero bound standard. The central bank is not expected to do much tomorrow especially with UK election just weeks away, but if monetary policy officials begin to discuss a QE exit, that would be viewed a pound bullish by the market.
Technically the pair has made higher low and looks ready to run towards the 1.9600 level. A break there would open up the prospect of a much larger move towards the 2.0000 figure.