INTERNATIONAL CURRENCY BUZZ :
- FOREX- GBP/USD trims gains after U.K. data, eyes on BoE statement
- FOREX- Dollar holds steady in cautious trade ahead of U.S. jobs data
- FOREX- Kiwi gains ground vs. weaker greenback
The pound fell to session lows against the dollar on Thursday after the minutes of the Bank of England’s August meeting showed that just one monetary policy committee member voted in favor of a rate hike this month. GBP/USD was down 0.6% to 1.5499 from around 1.5609 ahead of the report. The minutes show eight members were in favor of leaving the key interest rate at a record low of 0.5%. All nine members voted to stand pat on rates in July. Ian McCafferty was the lone dissenter, voting for a quarter percent hike in the benchmark rate for the first time in eight months. The minutes came as a surprise to market participants, who had expected two or possibly even three members of the MPC to back a rate increase this month. It was the first time the minutes were published at the same time as the monthly monetary policy decision.
The Australian dollar slipped lower against its U.S. counterpart on Thursday, after the release of mixed Australian employment data and as investors continued to eye Friday’s highly-anticipated U.S. non-farm payrolls report. AUD/USD hit 0.7322 during late Asian trade, the pair’s lowest since Tuesday; the pair subsequently consolidated at 0.7336, shedding 0.27%.The Australian Bureau of Statistics reported on Thursday that the number of employed people rose by 38,500 in July, beating expectations for an increase of 10,000. The number of employed people ose by 7,000 in June, whose figure was revised from a previously estimated gain of 7,300. The report also showed that Australia’s unemployment rate ticked up to 6.3% last month from 6.1% in June, whose figure was revised from a previously estimated rate of 6.0%. Analysts had expected an unemployment rate of 6.0% in July.
- BUY GBP/USD ABOVE 1.5512 TARGET 1.5532 1.5562 SL 1.5482
- SELL GBP/USD BELOW 1.5500 TARGET 1.5480 1.5450 SL 1.5530