GBP/CHF – BOE Member Drops Hint On Interest Rate Hike
MAY 28, 2021
- Possible hike in interest rate next year
- Potential breakout of 1.5 months range
Chart 1: GBP/CHF D1 chart
During his speech yesterday, Bank of England (BoE) committee member Vlieghe said that the central bank could raise interest rate next year if employment in the UK is recovering well. If so, the UK will be exiting from its furlough programme that is scheduled to end this September. As a result, GBP strengthened across the board.
GBP/CHF has been ranging within 240pips for the past 1.5 months, leading to no clear direction. With the hawkish remark made by committee member Vlieghe, there is a good chance GBP/CHF may break above the range, presenting good buying opportunities.
Trade Setup for GBP/CHF (D1)
Buy Stop order at 1.28600
Upcoming major news that may impact price movement of GBP/CHF
01 June – Swiss GDP q/q data release at 1500 (GMT+8)
01 June – Swiss Manufacturing PMI data release at 1530 (GMT+8)
01 June – UK Final Manufacturing PMI data release at 1630 (GMT+8)
01 June – Bank of England Governor Bailey speaking at 2300 (GMT+8)
03 June – UK Final Services PMI data release at 1630 (GMT+8)
04 June – Bank of England Governor Bailey speaking at 0000 (GMT+8)
04 June – Swiss National Bank Chairman Jordal speaking at 1500 (GMT+8)
04 June – UK Construction PMI data release at 1630 (GMT+8)
07 June – Swiss CPI m/m data release at 1430 (GMT+8)
08 June – Swiss Unemployment Rate data release at 1345 (GMT+8)
11 June – UK GDP m/m data release at 1400 (GMT+8)
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