Forex Today: Markets Await Bank Of England - 09 May 2024

The Bank of England is widely expected to leave its interest rate on hold at 5.25%, with the real topic of interest being the language within its monetary policy statement.
The Japanese Yen is continuing to sell off this week after the big gains it made last week following two suspected interventions in its favour by the Bank of Japan. Professional investors remain mostly convinced that the Bank of Japan’s intervention will fail and are betting that the USD/JPY currency pair will reach ¥160. Currency crosses often rebound the following week against an unusually large movement the previous week, and this seems to be acting here against the Yen. It may be wise to look for long trades in Yen crosses especially in NZD/JPY and CHF/JPY.
The US Dollar is struggling to continue its recent gains, as the Index is bumping up against strong resistance at 105.21. In the Forex market, since today’s Tokyo open, the strongest major currency has been the New Zealand Dollar, and the weakest major currency has been the Japanese Yen.
Global stock markets are mostly a bit higher over recent hours, although the overall picture is mixed. Most markets are in long-term bull market trends.
Precious metals such as Gold and Silver are showing firm price action and look likely to rise higher over the near term, especially Silver.
The US 30-Year bond auction will be held later today.

EToro Eyes The Banks