Friday, November 3, 2017 6:21 AM EDT
The purchasing managers’ index for the services sector was expected to tick down to 53.3 points in October from 53.6 in September. This is the third, last, and most important PMI: services is the largest sector.
GBP/USD was extending its falls, trading around 1.3045. Support awaits at 1.3030 and resistance at 1.3085.
Sterling fell to this low range after the BOE’s dovish hike. Mark Carney and his colleagues decided to raise the interest rate back to 0.50%, undoing the emergency rate cut following the Brexit vote in 2016. However, its forecasts and intentions point to only two more hikes within three years. This is much more gradual than the path of the Federal Reserve.
(Click on image to enlarge)
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...
more
Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit , so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
less
How did you like this article? Let us know so we can better customize your reading experience.