Saudis SABIC eyes U.S. shale as top gas source for petrochemicals
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ASIA/EUROPE F OREX NEWS WRAP A quiet trading day is around the corner but not before what should be relatively placid price action interrupted by two quite important events: the Bank of England and the European Central Bank Rate Decisions. Thanks to the July 4 holiday in the United States, volatility in FX has been rather subdued overnight, at least in the European and North American currencies, so any disruption caused by the meetings over the next few hours is probably going to be short-lived. On the BoE: it is new Governor Mark Carney’s first policy meeting but I wouldn’t be anticipating any new changes yet. While Governor Carney has issued a fair amount of dovish warnings in the run up to his ascension, the recent uptick in UK data (notably led by improving PMI surveys) handicaps any further accommodative aspirations at present time. One thing to watch for is if a policy statement is released – Governor Carney appears to be poised to break the habit of silence after a BoE policy meeting. On the ECB: no new measures are expected and while negative rates will likely be discussed, they will not be implemented. It seems credit is already pricing in a hold, with bond yields across the continent ticking higher; and in context of a mostly unchanged EURUSD (-0.02% at the time this report was written), it’s clear that weakness in European sovereign debt is not reflecting risk aversion, rather positioning for the ECB meeting. Taking a look at European credit, Portuguese concerns continue to be a negative influence, while the expected inaction from the ECB has also supported higher yields. The Italian 2-year note yield has increased to 1.867% (+6.4-bps) while the Spanish 2-year note yield has increased to 2.138% (+1.7-bps). Likewise, the Italian 10-year note yield has increased to 4.558% (+6.5-bps) while the Spanish 10-year note yield has increased to 4.760% (+1.2-bps); higher yields imply lower prices. RELATIVE PERFORMANCE (versus USD) : 10:45 GMT AUD: +0. 54 % NZD : +0. 30 % JPY: +0. 20 % EUR: -0.02% CHF: -0.15% GBP: -0.22% CAD: -0.22% Dow Jones FXCM Dollar Index (Ticker: USD OLLAR ): -0.14% ( + 0.60` % prior 5-days) E CONOMIC CALENDAR BoE_and_ECB_Announce_Policy_Within_the_Hour_EURUSD_and_GBPUSD_Flat_body_Picture_1.png, BoE and ECB Announce Policy Within the Hour; EUR/USD and GBP/USD Flat See the DailyFX Economic Calendar for a full list, timetable, and consensus forecasts for upcoming economic indicators. Want the forecasts to appear right on your charts? Download the DailyFX News App . --- Written by Christopher Vecchio, Currency Analyst To cont act Christopher Vecchio, e-mail cvecchio@dailyfx.com Follow him on Twitter at @CVecchioFX To be added to Christopher’s e-mail distribution list, please fill out this form DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . View comments
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