InstaForex - Analytics

InstaForex

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Global macro overview for 07/08/2015

The BoE decided to maintain its interest rate at the current level of 0.5% and asset purchase facility at the level of 375 bln as well. The voting pattern of 9-0-0 to keep the interest rates steady had been broken to 8-1-0, but the voting was anonymous. This might be the first sign of BoE being ready to raise the interest rate soon. Moreover, the interest rate hike is supported by the recent good data from the UK economy (wages growth, manufacturing growth, services growth).

The GBP/USD pair failed to break above the demand breakthrough zone. It violated the golden trendline and tested the support level 1.5465. After a short overnight bounce, it looks like the market can try to test this support once again soon.

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