Support
Investors await key decisions from the Bank of England
Speculation swirls around the Bank of England's policy decisions, with market participants closely monitoring for any shifts in interest rates or quantitative easing measures.
Asian markets show a mixed performance today
Japanese authorities' express concerns over FX market movements
Gold and silver prices rise notably today
Stock Market
Yesterday's trading session on Wall Street put a slight damper on the optimism among bullish investors. This subdued sentiment spilled over to the Asian markets today, resulting in a mixed performance across the board.
Currencies
The spotlight remains on the Japanese yen. Japanese authorities made verbal interventions, expressing concerns about abrupt movements in the FX market. Despite reports suggesting that Japan intervened in the FX market last week, the USDJPY pair exhibited resilience today.
Major event on the agenda includes decisions from the Bank of England, which might result in higher volatility on the British Pound.
The New Zealand dollar and the US dollar are currently outperforming compared to G10.
Commodities
In the precious metals market, both gold and silver are experiencing notable increases in prices today.
Inventory data indicated strengthening oil demand in the United States. Oil prices, after hitting two-month lows earlier, have rebounded, erasing earlier losses yesterday. Market seasonality suggests a potential price recovery in the coming months. OPEC+ is expected to maintain voluntary production cuts.
