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Attention turns to the BoE

FOREX
  • Market participants await the BoE decision.
  • Early European flows have seen the EUR gaining this morning on the margin, with the USD mostly offered, driven by a tilted Risk On tone.
  • EU cash Equities opened higher and dragged futures on the follow, but upside momentum has lost some steam, and price action has been more mixed.
  • Yen has in turn seen selling interest, and at session low against USD, EUR, AUD. GBP.
  • USDJPY eye 134.55 High Aug 3 next.
  • EUR is mostly in the green against G10, besides the AUD and NZD.
  • The EUR tested intraday high vs CAD, JPY, GBP, and NOK, but off its best levels at the time of typing.
  • USD sits in the red in G10s, besides the Yen, and circa flat against the NOk and Swissy.
  • Looking ahead, there's no Tier 1 data left for the session, out of the US sees IJC, but no longer a market mover, with ALL EYES on NFP tomorrow.
  • All the attention is now on the BoE decision, with most sell side going for a 50bps hike.
  • This is also widely expected by Economist's estimates, with 13 out of 43 economists surveyed by Bloomberg going for a 25bps hike.
  • A 50bps hike to 1.75% is the median call.
  • The decision, statement and MPR will be released at 12:00BST / 13:00CET with the press conference due to begin at 12:30BST / 13:30CET.
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