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Oh, what a circus in the forex markets
"It’s been a bit of a circus", that's how Saxo Bank traders describe the forex market this Wednesday and notably the trade in sterling following Mark Carney's announcements at the Bank of England. The new governor outlined forward guidance on policy for the first time. The Bank will not consider raising interest rates until the unemployment rate falls to 7% or below. As a result of that and other news, sterling jumped.
Traders are also keeping a close eye on Dollar:Yen and they're seeing a great deal of volatility this Wednesday. The Bank of Japan will meet on Thursday and provide more clues about future monetary policy.
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