SubscribeDaily Futures Commentary August 19, 2009
Wednesday, August 19, 2009
The Bank of England is dominating the news once again following the release of its minutes from the August 6th meeting. If you recall, at this meeting the BoE voted to expand its quantitative easing program. At the time this news came as a surprise as the majority of analysts surveyed had not expected an expansion. Since this news was released, the September British Pound has topped and started a down trend.
Besides the fundamental story, technical factors have also contributed to the decline including a weekly closing price reversal top and a change in trend to down on the daily swing indicator chart. The sell-off hasn’t been without a couple of retracements, however, driven by improvements in the French and German economies last week and yesterday’s news that July’s inflation remained flat at 1.8%.
The big story this morning is contained inside the minutes of the Bank of England’s August 6th meeting. While the original decision calling for an increase in the funds available for the BoE’s asset buyback program provided a shock to the market, today’s news that BoE Governor King was defeated in his attempt …
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