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Forex Flash: Markets attempt to digest four surprises - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that there have been four surprises for the market to digest today, before the BoE and ECB meets are considered.

Firstly, they note that the biggest surprise came from the BoJ, which triggered a dramatic reversal in the yen as well as Japanese stocks and bonds. Also, Australia began the day by surprising the market with strong retail sales and building approval data. However, they feel that the real surprise was the failure of AUD/USD to hold onto even modest upticks, falling to three day lows just above 1.04. The third surprise they see was European Service PMIs, with the disappointment coming from Germany and France, while the UK, Italy and Spain saw some upside. The fourth surprise they saw was the Hungarian central bank which announced that it would use FX reserves in its new economic plan.

Forex Flash: GBP expected to stay heavy following BoE – UBS

According to Research Analyst Gareth Berry at UBS, “The Bank of England decision today is not expected to yield any surprises as the dovish camp will have difficulty in overturning the majority in favor of keeping the APF unchanged in size.”
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