Economic calendar: Will BoE move the pound?

As the FOMC decision is already behind us, the time has come for another major central bank to deliver rate decision. Bank of England will announce whether it has changed monetary policy setting or not at noon. Earlier, survey data from the UK construction sector will be published. Apart from that, the bulk of the European PMI indices will be released throughout the morning and the US jobless claims report will be published at 1:30 pm GMT. However, in both cases published data will be a revision therefore no major price swings are expected to occur.

9:30 am BST - UK, Construction PMI for April. The yesterday’s UK manufacturing PMI print came in more or less in line with expectations at 53.1 pts. Today survey data from another major sector of the UK economy will be published - construction PMI for April. A slight improvement is expected but more precisely the index should climb back above the recession threshold of 50 pts. However, in case the data disappoints and shows another below 50 pts reading, the British pound may come under pressure.

12:00 pm BST - Bank of England decision. The Bank of England is unlikely to make any changes to the level of interest rates during today’s meeting. On the other hand, it seems probable that the rate hike bias will be maintained what should keep GBP afloat. During the press conference of the Governor Carney (12:30 pm BST) one may expect questions on Brexit as well as on the latest data.

Major US companies reporting earnings today:
- Activision Blizzard (ATVI.US)
- DowDuPont (DWDP.US)
- Gilead Science (GILD.US)

FTSE 100 (UK100) move significantly higher since the turn of the year but lacked the momentum seen on, for example, the US or French stock markets. The index failed to break above the resistance zone ranging around 7500 pts handle and now trades in the vicinity of the 61.8% Fibo level of the latest major downward impulse. Source: xStation5

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