Forex Today; What You Need To Know For November 7, 2019

November 7, 2019 by  
Filed under Forex Tips

Today the Bank of England has its policy meeting. This should be an anticlimactic event. Their hands are tied with a general election set for December 12. Short of them stating they are thinking of raising rates to hedge against possible inflation, this should be a non-event. All of this non-anticipation has lead to the pound being steady against the Euro.

Unlike the pound, the Euro is having its own issues. Based on current data, inclydingbtoday’s German Industrial Output, Germany will enter a recession next month. Since theybare theblargest economy inbthe Union this will spell trouble the whole block. All of this will put pressure on the Euro in the short and intermediate term.

On the US/China trade front we have word that both sides must remove imposed tariffs for a “phae one” trade deal to be completed. The Chinese have stated their willingness to talk about how this will happen. Meanwhile the White House has said that a meeting to sign an interim trade deal between President Trump and Chinese President Xi Jinping could be delayed until December. So we wait still.

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