Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with your daily video analysis for Wednesday, November 12.
This has been one very light week for heavy impacting economic data. The exact opposite of last week and a welcome breather. Global equity markets have been pushing higher and U.S. markets even managed to eek out record closes overnight.
With that said, the only real impacting news story for today is England’s inflation report. This is always a policy making meeting as we will get solid hints as to the direction of monetary policy the Bank of England will set. We are expecting to get clearer signals as to when the BOE will normalize policy by becoming the first Western Power to raise it key interest rates.
With this happening, we could finally get some movement out of the Sterling. Right now the GBP/USD is trading below a key technical level at 1.60 and looking for direction. In other technical analysis for today, the NZD/USD has found some support and bounced higher. The EUR/USD has also found some support and is oscillating around 1.25.
Thank you for listening and have a great day trading!