Breaking News
0

BOC Interest Rate Decision

By ORBEXForexJul 11, 2018 07:25AM ET
www.investing.com/analysis/boc-interest-rate-decision-200330313
BOC Interest Rate Decision
By ORBEX   |  Jul 11, 2018 07:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

The UK's first monthly GDP release by the ONS showed that the economy had advanced 0.3% on the month in June. However, the positive GDP growth report was offset by manufacturing production which rose 0.4% missing estimates of a 1.0% increase. Construction output, however, beat estimates, rising strongly by 2.9% on the month. Industrial production on the other hand weakened, falling 0.4%.

Data from Germany showed that the ZEW economic sentiment index fell to -24.7 while the eurozone economic sentiment index fell to -18.7.

The economic calendar today will see investors shifting focus to the BoC's monetary policy meeting. Chances of a rate hike remain high as the economists polled expect to see the BoC raising rates by 25 basis points at today's meeting.

The BoC meeting will be concluded by the press conference. Later in the day, the Bank of England Governor, Mark Carney is also expected to speak. From the Federal Reserve, the FOMC member, Williams is due to speak as well.

On the economic front, the U.S. producer prices index data is expected to show a modest slowdown to 0.2% increase in both core and headline PPI for June.

EUR/USD intra-day analysis

EUR/USD 4 Hour Chart
EUR/USD 4 Hour Chart

EUR/USD (1.1729):The EUR/USD currency pair was seen posting modest declines on the day as price action remains consolidating around the 1.1730 level. The daily chart signals a hidden bearish divergence to the Stochastics which suggests a near term decline. The initial support at 1.1686 remains the first level of support that could be tested. In the event of a break down below this level, then the EUR/USD could be seen testing 1.1600 level to the downside.

USD/JPY intra-day analysis

USD/JPY 4 Hour Chart
USD/JPY 4 Hour Chart

USD/JPY (111.07): The USD/JPY currency pair was seen giving up the gains as the currency pair slipped below the 111.13 level. However, price action seen currently making up for the declines. However, a retest of 111.13 is likely to occur. Failure to breakout above 111.13 could signal a move to the downside. The USD/JPY currency pair could be seen settling into a range between 111.13 and 110.62 level. A breakout from this level could trigger a short term trend in the direction of the breakout.

XAU/USD intra-day analysis

XAU/USD 4 Hour Chart
XAU/USD 4 Hour Chart

XAU/USD (1250.82): Gold prices continued to decline following the brief retest of the 1263 resistance. The decline back to the 1247 handle invalidated the bullish flag pattern as price action returns to the familiar support level. As long as 1247 support holds, gold prices could be seen holding on. However, in the event of a break down below, the next support level is seen at 1242. A reversal off this level is required for gold prices to maintain the range within the levels.

BOC Interest Rate Decision
 
BOC Interest Rate Decision

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer:


Continue with Google
or
Sign up with Email