5 Main events for the Forex Market This Week
- Bank of England Rate
For the second month row, the Bank of England is expected to have the rates stable on Thursday at 5.00 percent as heavy inflation pressures prevent the Monetary Policy Committee from concentrating on tougher credit conditions and the tailspin of the UK housing sector. The decision of the rate will be ready at 7:00 EDT but a monetary policy statement might not be issued since the MPC will most likely to leave the rates as it is. The currency rate may rise on the rate announcement on Thursday if US economic indicators is going to be disappointing enough to come heavy on the British pound.
- European Central Bank
For the twelfth consecutive meeting, European Central Bank is also expected to leave rates steady at 4.00 percent. At 7:45EDT the rate announcement will be made but the main announcement will be at 8:30 EDT the same time ECB President Jean-Claude Trichet is giving his press conference. It's interesting to see if he will continue to be militant or try to adjust instability in the market slightly better. It was estimated that Euro-zone CPI in May recover by 3.3 percent. As the energy and food costs remain high, it's above the ECB's 2 percent target. For Trichet, "price stability" will most likely be the main concern. However, if he suggests that price pressure will slow down, there might be sell-offs among majors. Bottom line is everything will depend on the announcements.
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