{"id":82623,"date":"2024-05-09T12:07:53","date_gmt":"2024-05-09T09:07:53","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=82623"},"modified":"2025-12-17T11:53:22","modified_gmt":"2025-12-17T09:53:22","slug":"boe-to-remain-on-hold","status":"publish","type":"post","link":"https:\/\/www.smartchinaeducation.com\/fr\/boe-to-remain-on-hold\/","title":{"rendered":"BoE to remain on hold"},"content":{"rendered":"<p>The USD amidst lower volatility in the FX market gained against the Yen and other major competitors. No major financial releases from the US were released yesterday allowing for speculation regarding the Fed\u2019s intentions, to continue defining its direction Boston Fed President Collins joined the choir of Fed policymakers maintaining a hawkish rhetoric&nbsp; yesterday and we expect that should such signals multiply they could provide support for the USD and weigh on US stock markets as well as gold\u2019s price.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"BoE expected to remain on hold\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/kFNABZ1eh9U?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>On a technical level, USD\/JPY continued to rise further on Wednesday and during today\u2019s Asian session testing the 155.80 (R1) resistance line. For the time being, we tend to maintain our bias for the sideways motion to continue, yet note that the possibility of a bullish outlook is enhanced. On the flip side the RSI indicator has broken above the reading of 50, yet remains still unconvincing for a bullish outlook. Should the bulls find the opportunity and take charge of the pair\u2019s direction we expect USD\/JPY to clearly break the 155.80 (R1) resistance line, with the next possible target for the bulls being the 158.35 (R2) resistance level. On the flip side should the bears take over, we may see the pair breaking the 153.80 (S1) support line and continue to break also the 151.90 (S2) support base.&nbsp;<\/p>\n\n\n\n<p>BoE is to release its interest rate decision later today. The bank is widely expected to remain on hold and currently GBP OIS imply a probability of 92.93% for such a scenario to materialise. Market attention is expected to shift towards the release of the accompanying statement. The market seems currently, to expect the bank to proceed with its first rate cut in the August meeting and deliver another rate cut in the December meeting. Should the bank signal a relative hawkish stance, which would allow the bank to keep rates at high levels for longer, we may see the contents of the document contradict market expectations and thus providing some support for the pound and vice versa. Another aspect of the interest rate decision which we tend to highlight is the vote count of the decision as such. In the last decision we had no policymaker favouring a rate hike, eight that voted for the rate to remain unchanged and one that considered that a 25-basis points rate cut would be the correct way forward for the bank. Even should the bank remain on hold as expected, a possible deviation from last interest rate decision\u2019s vote count could affect the pound. Should the number of policymakers in favour of a rate cut increase, we may see the pound slipping as a dovish shift in the bank\u2019s balance of power would be more apparent.&nbsp; &nbsp;<\/p>\n\n\n\n<p>GBP\/USD edged lower yesterday and during today\u2019s Asian session, testing the 1.2480 (S1) support line. The RSI indicator below our daily chart hit a ceiling on the reading of 50 and has started to drop again. Overall, we expect BoE\u2019s interest rate decision today to materially influence cable\u2019s direction but on a technical level we cannot help noticing the pair\u2019s bearish tendencies, given the downward motion of the past two days. Yet the 1.2480 (S1) support line was able to hold its ground against the pair\u2019s downward pressure a couple of times in the past few days, thus we would require for a bearish outlook not only for the pair to break clearly the S1 but also to start aiming for the 1.2375 (S2) support base. Should the bulls be able to take over, we may see the pair reversing the losses of the past few days and break the 1.2600 (R1) resistance line, opening the gates for the 1.2760 (R2) resistance barrier.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Autres faits marquants de la journ\u00e9e :<\/strong><\/h2>\n\n\n\n<p>In a rather quiet Thursday, besides BoE\u2019s interest rate decision, on a monetary level, we also note the planned speeches of ECB\u2019s McCaul, Cipollone and De Guindos as well as BoE\u2019s Pill. As for financial releases we also note the release of the US weekly initial jobless claims figure, while during tomorrow\u2019s Asian session, we get from Japan, March\u2019s All household spending growth rate and current account balance figure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>USD\/JPY Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/05\/image-29.png\" alt=\"support at one hundred and fifty three point eight and resistance at one hundred and fifty five point eight, direction sideways   \" class=\"wp-image-82624\" title=\"usd-jpy-daily-chart\"\/><\/figure>\n\n\n\n<p>\u2022 Support: 153.80 (S1), 151.90 (S2), 149.00 (S3)<br>\u2022 Resistance: 155.80 (R1), 158.35 (R2), 160.35 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>GBP\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"452\" src=\"\/wp-content\/uploads\/2024\/05\/image-30.png\" alt=\"support at one point two four eight and resistance at one point two six, direction sideways\" class=\"wp-image-82625\" title=\"gbp-usd-daily-chart\"\/><\/figure>\n\n\n\n<p>\u2022 Support: 1.2480 (S1), 1.2375 (S2), 1.2205 (S3)<br>\u2022 Resistance: 1.2600 (R1), 1.2760 (R2), 1.2890 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"489\" src=\"\/wp-content\/uploads\/2024\/05\/image-31.png\" alt=\"\" class=\"wp-image-82626\" title=\"benchmark-09-05-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"989\" height=\"570\" src=\"\/wp-content\/uploads\/2024\/05\/image-32.png\" alt=\"\" class=\"wp-image-82627\" title=\"table-09-05-2024\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/05\/image-33.png\" alt=\"\" class=\"wp-image-82628\" style=\"width:609px;height:276px\" width=\"609\" height=\"276\" title=\"morning-releases-09-05-2024  \"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"411\" src=\"\/wp-content\/uploads\/2024\/05\/image-34.png\" alt=\"\" class=\"wp-image-82629\" title=\"morning-releases-09-05-2024  \"\/><\/figure>\n\n\n\n<p class=\"translation-block\">Si vous avez des questions d'ordre g\u00e9n\u00e9ral ou des commentaires concernant cet article, veuillez envoyer un email directement \u00e0 notre \u00e9quipe de recherche \u00e0 l'adresse <a href=\"mailto:research_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Avertissement :<br><i>Ces informations ne doivent pas \u00eatre consid\u00e9r\u00e9es comme un conseil ou une recommandation d'investissement, mais uniquement comme une communication marketing. IronFX n'est pas responsable des donn\u00e9es ou informations fournies par des tiers r\u00e9f\u00e9renc\u00e9s, ou en lien hypertexte, dans cette communication.<\/i><\/p>","protected":false},"excerpt":{"rendered":"<p>The USD amidst lower volatility in the FX market gained against the Yen and other major competitors. No major financial<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-82623","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USD\/JPY Tests Resistance, BoE Decision in Focus<\/title>\n<meta name=\"description\" content=\"The USD amidst lower volatility in the FX market gained against the Yen and other major competitors. 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