Commentary & insights
On deck: Bank of England (BOE), Swiss National Bank (SNB), Norges Bank, and Bank of Mexico
Today’s economic calendar
Source: TradingView / J. Knobel June 22 2023 6:16 UTC
High-impact trading events on deck today:
The situation has changed in a big way for the Bank of England (BOE)! Speculation that the UK could hike beyond the 0.25% expectations. Could the BOE surprise with a 0.5% rate hike?
Yesterday's jump in core UK inflation has increased the prospects that the UK will have to get more aggressive in fighting “sticky” inflation!
Increased odds that the GBP could see further strengthening?
Asset spotlight: big trading volumes on deck for GBP/USD?
GBPUSD gunning for the 1.30s? Watch the 1.2680 level, if it holds, upside prospects remain.
NOK FX in spotlight as Norges Bank is set to act in big ways as the central bank could see the prospects of a weaker NOK as a problem… and they might be looking to strengthen the NOK?
- NOK FX traders could be branching for Norges bank to take aggressive measures and hike hike hike during the next few months!
- Norway's Core inflation has been increasing and wage growth seems set to continue to grow.
Bottom line: Could the days of a weaker NOK against the USD be ever closer?
USD/NOK downside towards 10.17? Resistance at the 10.80s could keep the USD/NOK under downside pressure.
Mexico's central bank expected to hold the rate at 11.25%, slowing inflation seems to support the case to hold the rate.
Asset spotlight: USD/MXN - downside prospects remain despite that the US Fed has been dropping clues that they are leaving the door open to hike rates.
Watch for the 16.50s as downside prospects, provided price can’t break above the 17.40s.
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