Trading Mid-Day Update (05/06)
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During today’s Currency Call, Gim Hong highlighted that the Bank of England (BoE) is expected to hold its interest rate unchanged at 0.10% later at 1900 (SGT). However, the central bank may cut back on its quantitative easing due to the recent good economic data releases and a sharp decline in the number of COVID-19 cases since January. The BoE may also be revising their economic projections upward.
Scott highlighted that the main focus right now is to look at how many jobs were being added into the U.S. economy last month while waiting for a breakout beyond the 91.30 resistance level in the U.S. dollar index before looking for buying opportunities.
Jin highlighted that since there’s not much U.S. and Japanese news going on, wait for USD/JPY to breakout of its current range before looking for trading opportunities.
During the day, EUR/JPY strengthened slightly while USD/JPY weakened slightly and GBP/JPY was little moved.
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