Besides the UK's GDP data, the Federal Reserve Chairman, Jerome Powell will also be speaking later in the day at 13:20 GMT. Powell is expected to speak at a conference in Stockholm. His comments will be closely watched especially if any references are made to the forward guidance and interest rate path.
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The GBPUSD pair managed to find support at 1.3310 and closed higher on the day, we expect this short rally to continue in the near term before the bears take over again. Traders now look forward to the BoE Governor Mark Carney's scheduled speech for 08:00 GMT.
Traders would be looking for today's Tokyo CPI report which is scheduled for 23:30 GMT. In the meantime the US Dollar slippage continues and we would expect USDJPY to find support at 109.22 where a short term retracement might take place. Therefore, we expect the currency pair to close higher on the day.
The European Central bank will be releasing the monetary policy meeting minutes from its meeting that was held earlier in May. The report will be released around 11:30 GMT. The ECB had left interest rates unchanged at its last meeting including keeping its QE purchases intact.
Today's binary trading signal is GBPJPY, the currency pair was seen posting losses earlier in the day. However, the intraday charts show the formation of a bearish flag pattern. In the near term it is ideal to purchase daily PUT options on an intraday retracement to 148.80 for a 21:00 GMT expiry time.
The inflation report hearings in the UK are scheduled for today at 09:00 GMT. The British pound is trading down since the 2018 pick in April and we are expect the negative trend to continue after the inflation report. The GBPUSD will potentially break the 1.3455 support and close lower on the day.
This beat estimates that expected to see a decline to 15.1 on the index following a 15.8 reading the month before. Similarly, the Philly Fed manufacturing index rose to 34.4 beating estimates of 21.1 and accelerated from April's reading of 23.2.
Today's binary trading signal is USDJPY, the currency pair stalled the gains as price action hit the resistance level. With the strong rally showing no pullbacks, we expect USDJPY to post a much needed correction. The Richmond Fed manufacturing index report will be released at 14:00 GMT today.
Bitcoin is making a double top formation on the 1-hour chart and we would expect closing lower on the day. With two shooting stars on the top BTC is most likely moving south today and we are looking to buy Put options at 8500 for 21:00 GMT expiry.
Today's binary trading signal is EURUSD, the currency pair closed last week with losses, marking five consecutive weeks of declines. However, price action is nearing a multi-year support level which could hold in the first test. We expect to see the EURUSD rebounding off this support level to close higher on the day.
Today's binary options signal is USDCAD, the currency pair has been trading weaker with the USD outpacing the gains from the Canadian dollar. This comes despite higher oil prices. But with the U.S. dollar showing strong bullish momentum, we expect the CAD to remain weak.
Today's binary signal is USDJPY, the currency pair looks to have formed a top near the current levels of 110.40 region with the Stochastics oscillator showing a strong bearish divergence. This could potentially point to a short term correction in prices.
The final inflation figures for the Eurozone will be released today at 0900 GMT by the European Statistics agency, Eurostat. According to the economists' polled and the initially released flash inflation estimates, the expectations are for headline inflation to rise 1.2%. Core inflation rate is forecast to rise 0.7%.
The UK's monthly employment report will be released today at 0830 GMT. According to the median estimates, the UK's unemployment rate is expected to remain unchanged at 4.2%. Wage growth is expected to rise at a pace of 2.7%. This is slightly below the previous month's data which showed an increase of 2.8%.
Statistics Canada will be releasing the monthly labor market statistics today at 12:30 GMT. The data will cover the period of April. According to the economists' polled, Canada's unemployment rate is expected to remain unchanged at 5.8% for April.
Although the Bank of England is expected to hold rates today, the forward guidance with the potential to signal a rate hike in August remains higher. As a result, the GBPUSD currency pair could be seen closing higher on the day. GBPUSD was seen mostly consolidating near the support level of 1.3530 level heading into the BoE meeting.
The Reserve Bank of New Zealand will be holding its monetary policy meeting today late today at 21:00 GMT. Heading into the RBNZ's monetary policy meeting, the market expectations point to no changes to the RBNZ's Overnight Cash Rate (OCR) which is expected to remain steady at 1.75%.
Today's binary options signal is USDJPY, the currency pair was seen retracing some of the gains posted earlier. However, the currency pair managed to recover after reaching highs of 109.86. In the near term, we expect USDJPY to continue to giving up the gains.