Wednesday, February 22, 2012

FOREXYARD: Forex News Blog

FOREXYARD: Forex News Blog

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Today’s Market Movers

Posted: 03 Mar 2010 08:04 PM PST

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Traders can expect a busy day ahead for major crosses. We get 2 interest rate decisions at the same day coming from UK and the EU plus important U.S releases. The most important aspect of a rate decision is the accompanying statement from the central bank, hopefully giving insight to what their next decision will be.

12:00 GMT GBP Official Bank Rate

- The U.K interest rate it isn't expected to move from 0.5% – same as last month. The focus will be on the MPC rate statement, which might hint about future policy, especially regarding the QE program, also known as the Asset Purchase Facility. The program ran out of 200 billion pounds allocated to it, and Mervyn King didn't rule out an option to pump more money into it, weakening the Pound further.

12:45 GMT EUR Minimum Bid Rate

- Jean-Claude Trichet is expected to leave the European Minimum Bid Rate at 1%, continuing the ritual from previous months. Spain and especially Greece will continue to be a burden on the Euro zone, and this will probably be the focus of the press conference, held 45 minutes after the announcement. Trichet might also hint about future policy, but it will probably remain unchanged.

13:30 GMT USD Unemployment Claims

- Providing the last hint about the Non-Farm Payrolls, this weekly release is expected to show some improvement after last week's disappointing figure – a rise to 496K, a number not seen in a long time. It's expected to drop back to 472K.

15:00 GMT USD Pending Home Sales

- This figure returned to stability last month, rising by 1%, but this time it's predicted to fall again as the housing sector continues to suffer, as we see in the new and existing home sales numbers. A rise of 1.4% is expected.
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