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28 May 2013
Flash: A slow start to the week - BMO Capital Markets
FXstreet.com (Barcelona) - Stephen Gallo, European Head of Currency Strategy at BMO Capital Markets notes that it looks like a quiet start to the week as the market returns from holidays in both the US and the UK.
He sees that the main event this week will be tomorrow’s BOC rate decision where the market is expecting rates to be left on hold at 1.00%. This will be Carney’s last meeting before his move over to the UK so it may garner a little attention. He writes, “Range trading looks set to dominate today, and we would look to buy any dip back towards 1.0280/1.0300. Strong resistance still lies near the recent highs towards 1.0400 and a break above there should trigger an assault at the 1.0500 area. No domestic data releases today.”
He sees that the main event this week will be tomorrow’s BOC rate decision where the market is expecting rates to be left on hold at 1.00%. This will be Carney’s last meeting before his move over to the UK so it may garner a little attention. He writes, “Range trading looks set to dominate today, and we would look to buy any dip back towards 1.0280/1.0300. Strong resistance still lies near the recent highs towards 1.0400 and a break above there should trigger an assault at the 1.0500 area. No domestic data releases today.”