Currency Call Mid-Day Update (24 June 2021) with LCMS Traders
During today’s Currency Call, Hong-err Donknowlehhighlighted the following points:
- The Bank of England (BoE) will be announcing their monetary policy decision today at 1900 (GMT+8). The central bank is likely going to keep monetary policy unchanged.
- Unlikely that the BoE will be announcing any QE tapering today as it may be adopting a wait and see approach due to the recent delay in the easing of COVID restrictions to 19 July.
- Also, as the central bank will be releasing their economic projections during their next meeting on 5 August, it is likely that the BoE will be waiting for the UK economy to adopt to post-lockdown before considering any change in monetary policy.
Scott highlighted the following points:
- Wait for USD/JPY to move back to the support zone of 110.846 before looking for buying opportunities.
- If there is any mentioning of QE easing from the BoE, GBP/JPY may break above the resistance level of 155 and present buying opportunities.
- Wait for EUR/JPY to test the 132.80 level and look for selling opportunities if it bounces down from that level.
- Wait for XAU/USD (Gold) to drop to the 1755.79 level and see if there’s anything bullish signs for buying opportunities.
During the day, USD/JPY, GBP/JPY and EUR/JPY weakened while XAU/USD was little moved.
Watch today's video below:
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