Safe start of the European session today - 01.11.2018

01.11.2018 / 08:29

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Futures on European stock indices indicate a positive but cautious start of the European session. The main reason for this is Bank of England's upcoming decision on the key interest rate and the statement by Mark Carney, Governor of the Central Bank. Previously, however, at 11:30 we expect the production PMI data on the island. Expectations once again are negative, and combined with the forthcoming BOE negative report, I expect the GBP to record a strong volatility and a short-term downward momentum. The likelihood of better PMI data remains small given the concerns surrounding Brexit.

What to expect from Bank Of England today - 14:00

Given the tense day for the GBP, it's good to stay away from the pound due to the upcoming high volatility.

Indicative levels of opening up European stock indices:
UKX: 7,095, -9 points profit
DAX: 11,398, +31 points profit
CAC: 5,023, +14 points profit

The economic news we will be watching during the day:
11:30 UK - Production PMI
14:00 United Kingdom - BOE Main Rate
14:00 UK - Inflation report
14:30 UK - Speech by Mark Carney, Governor of Bank Of England
16:00 USA - ISM manufacturing PMI

Trader Petar Milanov

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Safe start of the European session today - 01.11.2018

London

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