Wrapping Up The Forex Trading Day – May 11th
Arslan Butt • 2 min read
The global markets remain highly volatile today, though in a strange manner. Thankfully, our forex trading signals still managed to capture some profit. Let's wrap up the major events and changes that happened today.
Key Events from Today
1- Sterling remained the celebrity of the day as it fell massively after getting hit by a drop in the U.K. industrial production. The figures fell 0.5% in the month of March, which was more than the expected 0.4%.
2- The Bank of England Monetary Policy Committee (MPC) left interest rates unchanged at 0.25%. This has not impacted the market a lot since this was the anticipated outcome. We even predicted it this morning in our report Forex Signals Brief for May 11th.
3- MPC Official Bank Rate Votes came in at 1-0-7, when the expectation was 1-0-8. This isn't surprising seeing as the Bank of England had a total of 8 voting members in this meeting.
4- The U.S dollar got some support upon the release of the labor market figures from the U.S., which remained in favor of the greenback. In particular, unemployment claims fell slightly to 236K which was better than the previous forecasts of 238K & 245K respectively.
5- Gold soared to trade at $1227 despite the stronger U.S. dollar. It was quite strange. But this happened due to sell-off in the equity markets.
6- Crude oil remained bullish for both fundamental & technical reasons as shared in our post Bullish Breakout In WTI Crude Oil – Inventories Are Out!
Tomorrow, we have a dollar-dominated trading day as most of the high impact events are coming from the United States. Keep following us for the early morning Forex Signals Brief to get ready for the challenges & opportunities in the market.