The BOE & FOMC Minutes
The focus will be on the pound and the dollar. Today, we have the release of BOE Minutes at 09.30 GMT and then the FOMC Minutes at 19.00 GMT.
Bloomberg reported that
The Office for National Statistics report showed inflation slowed last month less than forecast, prompting speculation the BOE will reduce the pace of interest-rate cuts.
Consumer prices rose 3 percent in January from a year earlier, after a 3.1 percent increase in the previous month. The median forecast of 31 economists surveyed by Bloomberg was for a 2.7 percent increase. The pound fell 0.3 percent to $1.4232.
Interest Rate
Both the Fundamental News is on the interest rate of the pound and the dollar. In this case the best currency pair to trade is the GBPUSD.
GBPUSD
Long Position at: 1.4268
Stop Loss at: 1.4168
Take Profit at: 1.4380 / 1.4484
OP, SL & TP at YOUR OWN RISKS
Short Position at: 1.4220
Stop Loss at: 1.4320
Take Profit at: 1.4100 / 1.4030 / 1.3952
OP, SL & TP at YOUR OWN RISKS
Forex Trading is a very risky trade and if you decide to trade, kindly note that you trade at your own risks. You Open Position, Take Profit and put a Stop Loss at Your Own Risks. We hold no responsibility for any losses or damages incurred.
Thank you for the tips and advice.
I have done fairly decent with Forex. I first started out with a practice account as I grew in my understanding of the process and the flow of the market.
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Hope the inflation rate goes down. It is major cause of concern at this very moment due to recession.
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You are always Welcome.