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JPY Daily News
BoE Still Dovish but no Change Expected
The BoE meets today though this has gone largely unnoticed by many observers given the headlines coming from Europe. The BoE is expected to hold interest rates steady and in all likelihood will not increase its asset purchase facility. Yesterday manufacturing production was shown to have plummeted -0.7% during the month of October. Consensus forecasts were for a decline of only -0.1%. However, Monday's UK services PMI unexpectedly rose to 52.1 from 50.6. The contrasting data will most likely not stop the BoE from loosening monetary policy in the near term as the central bank forecasts a sharp drop in inflationary pressures. The EUR/GBP has support at 0.8515 from the mid-November consolidation followed by the November 10th low of 0.8485. Resistance is located at the November 22nd high of 0.8660 and 0.8750 at the 200-day moving average.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 12/08 | ||||||||
| 05:00 | JPY |  Economy Watchers Sentiment | 45.9 | 47.1 | 45.0 |  | ||
| 23:50 | JPY | BSI Manufacturing Index | 10.3 | 11.4 | - |  | ||
| 23:50 | JPY | Final GDP | q/q | 1.5% | 1.2% | 1.4% | | |
| 23:50 | JPY | M2 Money Stock | y/y | 2.7% | 2.7% | 3.0% | | |
| 23:50 | JPY | Final GDP Price Index | y/y | -1.9% | -1.9% | -2.2% | | |
