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ALL EYES on the BoE

FOREX
  • USD is mainly better bid during our morning European session.
  • EURUSD touches session low, USD remains fairly bid in G10s, DXY edges towards best levels.
  • USD leads against the EUR up 0.47%.Recall, noted yesterday decent option expiry at 1.1550 (1.1bn), which may act as a magnet.
  • Technically support is seen at 1.1535, but better is seen at 1.1524.
  • Recall that good demand ahead of 1.1500 was seen last Month and this month, in spot as well as expressed via option put sellers.
  • The last time we traded below 1.1500 was over a year ago in July 2020.
  • The British Pound is so far mixed, down 0.41% versus the USD and up a small 0.12% versus the NOK.
  • ALL EYES are on the BoE, Economists are going for no hike as per Bloomberg survey.
  • Banks/Traders majority (64% from our internal survey) are going for a hike of 15bps and above.
  • And from all the UK Banks, only Lloyds is going for a hike.
  • Today, also sees OPEC+ meeting which will be watch given inflation risks from energy prices
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