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The main event on Thursday was the meeting of the Bank of England, in which the number of votes for the rate hike increased to 3 against 2 at the previous meeting while the forecast remained unchanged. The pound rushed up and pulled other world currencies. The Yuan devaluation warning by the head of the People's Bank of China and Ghana was less noticeable but potentially have a greater market impact, because it was as part of a retaliatory measure on US trade tariffs. But here, the NBK needs to act more selectively, since the sharp drop in yuan may collapse the stock markets and not only China and the US. Perhaps, it was about such measures that Yi Gang spoke in terms of combined measures in supporting "liquidity at a reasonable level". The US S&P 500 index lost 0.63%. The process of crisis development will undoubtedly strengthen the dollar.
Yesterday, the dollar brought home prices and the business activity index in the manufacturing sector of Philadelphia; HPI for April added 0.1% only against the forecast of 0.3%, while Philly Fed Manufacturing index for June collapsed from 34.4 to 19.9.
Today, the business activity indices in the euro area and the US for the current month will be released. The European Manufacturing PMI is expected to fall from 55.5 to 55.0, while Services PMI is also forecast to decline from 53.8 to 53.7. The American Manufacturing PMI from Markit is expected to decrease from 56.4 to 56.3, and Services PMI may fall from 56.8 to 56.4. Also, investors are waiting for OPEC + decision to raise quotas.
The tendency to strengthen the dollar, thus, remains.
Technically, the growth of the euro was withheld by the trend line resistance and the Marlin indicator signal line was withheld by the boundary of the positive values zone.
On the 4-hour chart, the price can be seen at the red balance line. The target level is now reduced to the price of 1.1360.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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