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The dollar traded mixed against its counterpart currencies in the G10 group of Europe this morning. It gained versus GBP, JPY and CHF, in that order, while the decrease compared with NOK and AUD and stable compared with EUR, SEK, CAD and NZD.
Britain's unemployment rate fell to 6.4% in June, which itself will be a benefit for GBP, but average weekly earnings has narrowed by 0.2% annually, the lowest since 2009.
Then, the announcement of quarterly inflation report from the Bank of England has attracted the attention of the market. BoE Governor Mark Carney said at a press conference that the UK's recovery "is on track" and that "strong growth" has helped in production reached its highest level before the crisis, giving banks this line must adjust its forecast for growth this year to 3.5% from 3.4%. Concerning inflation, the MPC noted that this data "are near the MPC's 2% target and is expected to continue to lie close to that goal in the near future."
That news will probably be beneficial to GBP. However, the Bank has reduced its forecast for wage growth: It is expected salaries will increase by 1.25% in 2014, half the rate of 2.5% is anticipated that
MPC is expected as wage growth is an important indicator of the level of economic stagnation in the UK, very similar to what the FOMC does.
GBP / USD has declined by 0.50% after the news conference, just above the support level of 1.6700. I think that is very likely that the pound will continue to trade lower in the next two months until the referendum on Scottish independence took place on 18/9.
GBP / JPY has signaled a trend reversal can occur after pulling down important 172.50 resistance (R1) (thick red horizontal line) in 6/8 th. After finding support at 170.85 level (S1), exchange rate gains
And today, after comments by the Governor of the Bank of England, GBP / JPY has dropped strong points, pulling down the lower line of the flag pattern. Considering all the technical aspects of this, I think the outlook is unfavorable exchange rate and the exchange rate will reach 170.85 support level (S1) again. The pulling rates below the level that can be targeted to the lowest of May, near the 169.60 (S2).
• Support: 170.85 (S1), 169.60 (S2), 167.75 (S3)
• Resistance: 172.50 (R1), 173.50 (R2), 174.20 (R3)
Britain's unemployment rate fell to 6.4% in June, which itself will be a benefit for GBP, but average weekly earnings has narrowed by 0.2% annually, the lowest since 2009.
Then, the announcement of quarterly inflation report from the Bank of England has attracted the attention of the market. BoE Governor Mark Carney said at a press conference that the UK's recovery "is on track" and that "strong growth" has helped in production reached its highest level before the crisis, giving banks this line must adjust its forecast for growth this year to 3.5% from 3.4%. Concerning inflation, the MPC noted that this data "are near the MPC's 2% target and is expected to continue to lie close to that goal in the near future."
That news will probably be beneficial to GBP. However, the Bank has reduced its forecast for wage growth: It is expected salaries will increase by 1.25% in 2014, half the rate of 2.5% is anticipated that
MPC is expected as wage growth is an important indicator of the level of economic stagnation in the UK, very similar to what the FOMC does.
GBP / USD has declined by 0.50% after the news conference, just above the support level of 1.6700. I think that is very likely that the pound will continue to trade lower in the next two months until the referendum on Scottish independence took place on 18/9.
GBP / JPY has signaled a trend reversal can occur after pulling down important 172.50 resistance (R1) (thick red horizontal line) in 6/8 th. After finding support at 170.85 level (S1), exchange rate gains
And today, after comments by the Governor of the Bank of England, GBP / JPY has dropped strong points, pulling down the lower line of the flag pattern. Considering all the technical aspects of this, I think the outlook is unfavorable exchange rate and the exchange rate will reach 170.85 support level (S1) again. The pulling rates below the level that can be targeted to the lowest of May, near the 169.60 (S2).
• Support: 170.85 (S1), 169.60 (S2), 167.75 (S3)
• Resistance: 172.50 (R1), 173.50 (R2), 174.20 (R3)
