BoE kept interest rates unchanged

11 May, 2018

Last night, the Bank of England decided to keep interest rates unchanged. After the result, the GBPUSD fell from a high of 1.3610, once low as 1.3465, near 145 pips from highest. Subsequently, the United States CPI data was lower than expected, and actual income fell as expected, causing the dollar to fall. As a result, the GBP rallied and the other major currencies rebounded against the US dollar. Gold broke through the recent resistance. After the data, the gold price remained above US$1,320, and the oil price remained above US$70.5.

Looking ahead to today's market is mainly affected by the slowdown in US inflation data last night, the US dollar will likely continue to adjust the downward trend last night. At the same time, the market is concerned about the release of the initial value of the University of Michigan consumer confidence index at 22:00 tonight. Due to the current market expectation data is lower than the previous value, if the data does not increase substantially, it will not help the dollar to become stronger.


Today's proposal:

EUR/USD:
1.1890/1.1870 support,
1.1945/1.1965 resistance.
Last night, US CPl and real income were not as expected. The trend of the US dollar slowed down, the euro to rebound. However, at present, interest rate trends estimate that the time and opportunity for the US dollar to increase interest rates will be given priority over the euro, so the euro is expected to have limited for rebound. If the calculation of its rebound from the high of April to the recent low. If rebounding 23.6% is 1.1965 that is a resistance for a short term moment.

GBP/USD:
1.3515/1.3495 support,
1.3585/1.3600 resistance.
Last night, the market still expects the Bank of England to raise interest rates on interest rates, GBP used to reach 1.3615, but the results remain unchanged, the BOE expressed they needs more inflation data to support and is expected to postpone the rate hike. Subsequent US data did not perform as expected, and the dollar fell, allowing the sterling to rise. At present, if Britain does not have more favorable factors, it is estimated that the GBP will remain under pressure in the short term.

USD/CHF
1.0055/1.0070 resistance
1.0015/0.9990 Support
The trend of the euro led the trend of the Swiss franc. At present, the European Central Bank's monetary policy influence will be bad for Rui Lang. However, the general direction is still led by the US dollar led the Swiss trend.

USD/JPY:
109.55/109.75 resistance,
109.15/108.95 support.
Before the United States announced a number of important data last night, the US dollar was close to 110.00 against the Japanese yen, but the U.S. data was lower than expected, and the U.S. dollar has a chance to fall against the yen. It is expected that the USDJPY will have a chance to fall.

AUD/USD
0.7485/0.7470 support
0.7555/0.7570 resistance
The Australian mortgage loan application fell showed that the Australian economy is likely to slow down and reduce the chance of raising interest rates, which will negatively affect the Australian dollar. After the European market, the market digested last night's US data sentiment and the Australian dollar had the opportunity to adjust and fall.

NZD/USD
0.6915/0.6900 support
0.6975/0.6990 resistance
New Zealand announced the food price index, which is rising at an annual rate; the news will be positive for future New Zealand trade accounts. The current estimate is Lido New Zealand dollar, but the general direction is still led by the U.S. dollar and attention is paid to the New Zealand dollar.

USD/CAD
1.2820/1.2840 resistance
1.2765/1.2745 support
The oil price dominates the overall trend of the Canadian dollar, and Canadian employment data is released at 20:30 tonight. The increase in the current employment population is expected to be Lido Canada dollar. But the general direction is still led by the U.S. dollar.

EUR/GBP
0.8820/0.8850 resistance
0.8755/0.8725 support
The results and content of the Bank of England’s monetary policy last night weighed on the pound. The euro is expected to perform better than the pound in the short-term, and it is estimated that the euro is against the pound.

EUR/CHF
1.1890/1.1875 support
1.1935/1.1950 resistance
The ECB’s monetary policy maintains its tightening policy, but it only owes its interest rate hike. It is expected that the short-term performance of the euro will be stronger than that of the Swiss franc, and the euro will be more against the Swiss franc.

XAUUSD:
1316/1314 support,
1325/1327 resistance.
The U.S. economy growth shown slowing down by the data results. The U.S. has caused risk sentiment due to international political factors, and gold prices have a chance to rise. The current political factors are still bullish gold.

US crude oil futures:
71.85/72.05 resistance,
70.45/70.25 support.
The U.S. imposed sanctions on Iran and the demand for crude oil kept growing, support uptrend. However, it is estimated that the oil price will have the opportunity to adjust to around $70 to find support.

BTCUSD:
9250 / 9450 resistance ,
8750/8550 support.
Last the US CPI and real income data reduced, released inflation concerns. After these data, the bitcoin fell from near 9300. In the short, the bitcoin could test 8750 last support.


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