British Official Bank Rate Announcement Expected Today!
December 10th, 2009 Posted in Daily Forex News
Name: Dan
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Today’s leading news events:
08:30 GMT Swiss National Bank (SNB) Monetary Policy Assessment
- Primary tool used by the Swiss National Bank (SNB) to communicate to its investors about any future monetary policy changes. Interest rate changes and Swiss economic outlook are often discussed.
- The SNB is largely expected to leave its interest rates untouched, as the economy is still recovering from one of its worst financial crises in recent memory. As banks are considering lending to each other again, the SNB will likely remain cautious until the Swiss economy is on more stable ground. Therefore this report will likely prove positive for the CHF.
12:00 GMT British Official Bank Rate
- The primary way the Bank of England (BOE) decides on what short term interest rates will be for the next month.
- This has the potential to create market volatility as any rate change could affect investor’s perception of the British economy.
- As Great Britain is still very much in recovery, no major move away from the low interest rate of 0.50% is expected. If the interest rates unexpectedly change, the Pound could see heavy volatility in trading today, and in a positive direction. An unchanged rate may push the GBP lower as a negative assessment is priced in.
13:30 GMT U.S Unemployment Claims
- The weekly unemployment claims are seen as a crucial indicator as to the direction of the American economy.
- Following last week’s surprise Non-Farm Payrolls figures, investors will be watching this week’s numbers to gauge if Americans are really returning to work again.
- If the unemployment figure comes in at the forecasted 463K, it would indicate a small change from last week meaning the U.S. is on solid ground. Any number above 500K would indicate that last weeks numbers were a fluke and the Dollar will likely suffer as a result.
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