By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Today’s Forex: Will the Bank of England take the risk?
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > Today’s Forex: Will the Bank of England take the risk?
Forex

Today’s Forex: Will the Bank of England take the risk?

News Room
Last updated: 2024/07/31 at 9:18 PM
News Room
Share
3 Min Read
SHARE

The foreign exchange world was caught off guard by the unexpected rate hike from the Bank of Japan on Wednesday, while the Federal Reserve decided to keep its policy rate unchanged, hinting at a potential rate cut in September. Coming up next is the Bank of England, with uncertainty surrounding the possibility of a rate reduction.

On Thursday, August 1, the US Dollar Index (DXY) was impacted by the strength of the Japanese Yen following the BoJ’s announcement and the slightly dovish tone from Federal Reserve Chairman Powell. The focus for the day was on the ISM Manufacturing PMI, Initial Jobless Claims, Construction Spending, and the final S&P Global Manufacturing PMI.

In the currency market, the EUR/USD pair saw a reversal in its weekly retracement, dipping back down towards the 1.0850 level. The day brought data releases such as the final HCOB Manufacturing PMIs for Germany and the Eurozone, as well as the ECB Economic Bulletin and Eurozone Unemployment Rate.

Meanwhile, the GBP/USD pair saw some modest gains around 1.2850 as traders awaited the Bank of England’s rate decision. Alongside this, the UK also had Nationwide Housing Prices and the final S&P Global Manufacturing PMI on its economic calendar.

The surprise rate hike from the Bank of Japan caused the USD/JPY pair to drop significantly, breaching the key support level at 150.00 and hitting fresh four-month lows. Japan’s only noteworthy release on August 1 was the weekly Foreign Bond Investment data.

As for the Australian Dollar, the AUD/USD pair continued to lose ground, dropping below the 0.6500 support level and potentially setting the stage for further losses in the short term. Australia was expecting the final Judo Bank Manufacturing PMI and Balance of Trade figures.

In the commodities market, WTI prices experienced some relief due to escalating geopolitical tensions and a decrease in weekly US crude oil inventories, pushing prices back towards the $78.00 per barrel mark. Gold prices also saw an increase, reaching the $2,440 per ounce level, while Silver followed suit and approached $29.00 per ounce.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 31, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article SEC Releases Compensation Claim Information for Victims of Terraform Labs
Next Article Ministry of Finance Announces Measures to Support Binladin Group’s Financial Stability
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?