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09.10.201510:32 Forex Analysis & Reviews: Global macro overview for 09/10/2015

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Global macro overview for 09/10/2015:

Yesterdays BoE rate decision did not surprise the market participants as the MPC had voted 8-1 to keep the interest rates unchanged at the level of 0,5%. The risk of a further global slowdown against a resilient domestic demand and consumer spending were blamed for the inflation expectation might not be able to hit 1% before Spring 2016. Despite the recent wage growth and pick up in UK manufacturing and services, the unit-labor costs are not strong enough to push the inflation expectation above the 2% BoE target.

The GBP/USD pair's response was bullish and the market has recently hit the 50%Fibo at the level of 1.5380. The next resistance is seen at the level of 1.5447 (61%Fibo) and support is seen at the level of 1.5261.

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