Chart Driven Forex Investors Push Euro Up
The Euro has been pushed upwards by chart driven Forex investors following the upward trend and also by Forex investors re-evaluating their interest rate expectations for the region and buying more Euro’s to invest in European assets.
In other news the Bank of England’s (BoE) inflation report contributed to pressure on the GBP as the Forex [...]
Dollar (USD) Gain on Euro, GBP, Yen…
The USD drifted higher against major rivals as dealers monitored the outlook for interest rates, while the GBP also weakened on news that a Bank of England policymaker had suddenly died.
The Euro fell to 1.2637 dollars in early European trading from 1.2659 dollars late on Wednesday in New York.
The USD climbed to 115.14 yen from [...]
British inflation hits 2.2 percent in May
British 12-month inflation rose to 2.2 percent in May from 2.0 percent in April, lifted by soaring domestic energy bills and rising motor fuel prices, official data showed.
May’s figure breached the Bank of England’s government-set target of 2.0 percent — and was the highest reading since October 2005 when it stood at 2.3 percent.
British interest rates should remain at 4.50%.
Bank of England (BoE) policymakers are predicted to maintain British interest rates at 4.50 percent on Thursday for the 10th month in a row.
The decision-making body of the BoE, the Monetary Policy Committee (MPC), will likely freeze the “repo” rate, at which the central bank lends to commercial banks, according to a poll of 35 [...]
