Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Forex Today: Markets Expect Bank of England Rate Hike Today

Markets are awaiting today’s policy meeting at the Bank of England which is expected to produce a rate hike of 25 basis points.

 

   

Top Forex Brokers

     
    1. The Bank of England will be holding a policy meeting today at which it is strongly expected to raise its Official Bank Rate from 5.00% to 5.25%.
    2. Global stock markets are continuing to trade lower, probably due mostly to the fallout after ratings agency Fitch downgraded its US sovereign credit grade rating from the highest possible rating AAA to the next lower level of AA+. Most global equity indices have moved lower since the announcement, with Asian markets considerably lower –the Nikkei 225 Index is down by more than 1% on the day. Despite this bearish retracement, stock markets generally look very bullish over the long term, especially in the USA.
    3. In the Forex market, the US Dollar is continuing its medium-term advance against its long-term bearish trend, with the price now established well above the former key resistance level at 101.56. Since the Tokyo session began today, the Japanese Yen is the weakest major currency, while the US Dollar is the strongest, putting the USD/JPY currency pair in focus.
    4. Yesterday saw the release of a stronger than expected ADP non-farm payrolls forecast, which expects 324k net new jobs to have been created, considerably higher than the 191k which was expected.
    5. The Bank of Japan began unscheduled bond purchases for the second time this week, buying 5-10 year JGBs.
    6. There will be a release today of Swiss CPI data, which is expected to show month-on-month deflation of 0.1%.
    7. There will be release today in the USA of US unemployment claims and ISM services PMI data.
    8. WTI Crude Oil futures hit another new 3-month high yesterday but has sold off sharply over the past few hours.
    9. In the commodities market, Cocoa futures will continue to be interesting on the long side to trend traders, having hit a multi-year high price last Thursday.
    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

    Most Visited Forex Broker Reviews