Global macro overview for 11/09/2015:
As anticipated yesterday, the Bank of England has left the interest rates unchanged at the level of 0.50% together with asset purchase program wirth 375 bln. The latest disappointing data set from the UK ( poor manufacturing, weak retail sales and PMI) might have caught attention of the policy makers, although one month in isolation is unlikely to affect their judgment too much. The overall sentiment towards the BoE interest rate hike this year is still positive, but it looks like the BoE prefers to wait for t Fed’s meeting scheduled for the next week hoping to get any kind of guidance from Yannet Jellen.
The GBP/USD pair positively responded to the lack of change in interest rates and rallied after the news. The daily candle was broke above the resistance at the level of 1.5425. Crrently, we can see a test of the golden trend line.
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