![\"printprofile\"](\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/profile-pics\/9.jpg\")
<\/p>\n<\/p>\n
Today markets will receive monetary policy updates from both the UK and the US. Both central banks are expected to maintain a dovish policy stance while attempting to balance sub-par economic growth with future inflation expectations. <\/p>\n
<\/span>Today\u2019s Economic Events<\/p>\n GBP \u2013 Claimant Count Change \u2013 08:30 GMT GBP \u2013 MPC Meeting Minutes \u2013 08:30 GMT Oil \u2013 Crude Oil Inventories \u2013 14:30 USD \u2013 FOMC Meeting Minutes JPY \u2013 Preliminary GDP \u2013 23:50 GMT
\nExpectations: 0.4K. Previous: 0.7K
\nThe new jobless claims report from Britain is expected to show improvement from the previous data release. Barring any surprises, this data piece should take a back seat to the MPC Meeting Minutes that are set to be released at the same time.<\/p>\n
\nExpectations: 3-0-6. Previous: 3-0-6.
\nTraders will be looking for any signs of policy changes or timing of interest rate adjustments by the BoE. Yesterday Governor Mervyn King reiterated his position for a loose monetary policy despite higher than expected inflationary pressures<\/a>. GBP\/USD support and resistance<\/a> are found at 1.6150 and 1.6515.<\/p>\n
\nExpectations: 1.4M. Previous: 3.8M.
\nYesterday crude oil prices rallied almost $3 from their mid-day lows. Last week\u2019s surprising increase in crude oil stocks helped to send the price of crude oil tumbling. A larger than expected supply may cause a similar result. Spot crude oil has support at $95.65 with resistance at $104.50.<\/p>\n
\nThe Fed is expected to maintain the ultra-loose monetary policy as QEII will end in June. While Fed\u2019s policy is forecasted to remain unchanged, traders should be eyeing future US data releases as a downturn in US economic data should feed into safe-haven USD buying allowing the dollar rally to continue.<\/p>\n
\nExpectations: -0.5%. Previous: -0.3%.
\nThe earliest report of Japanese Q1 GDP data is forecasted to show the economy has fallen back into a recession after the devastating earthquake and tsunami. Despite the lack of economic growth, yesterday the USD\/JPY rose to its highest level in 2-weeks to 81.76, a level that coincides with a 38.2% retracement from the April to May move lower. The rebound in the pair could continue with resistance at the 55-day moving average at 82.10 and the 200-day moving average at 82.40.<\/p>\n