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As is often the case with central bank meetings in the era of communication-as-a-policy-tool, the Bank of England’s “decision” (read: no change) on interest rates was already telegraphed well in advance. But for the always forward-looking markets, there was still plenty to digest from this morning’s BOE statement.

Markets have calmed down since yesterday’s big risk asset selloff, but that doesn’t mean that there’s nothing exciting on the horizon for traders.

Yesterday, we noted that FIFA trumped Forex in terms of excitement, but today’s been all about the markets. As my colleague Ken Odeluga noted in his prescient post yesterday morning, trade issues are front and center for investors in this week’s trade.

FIFA has trumped forex so far in trade this week, with the major currencies consolidating in relatively tight ranges against one another.

Well, it’s official: The Trump administration has slapped a 25% tariff on 818 Chinese goods, with a total value of up to $50B.

This week has all been about major central bank meetings and as we had anticipated last week, it was indeed the European Central Bank which caused the most market impact with its decision.

As my colleague Fawad Razaqzada noted earlier today, the euro spiked briefly after this morning’s ECB meeting before reversing violently back to the downside in a mirror of yesterday’s price action in the US dollar.

As my colleague Fawad Razaqzada noted earlier today, the euro spiked briefly after this morning’s ECB meeting before reversing violently back to the downside in a mirror of yesterday’s price action in the US dollar.

As my colleague Fawad Razaqzada noted earlier today, the euro spiked briefly after this morning’s ECB meeting before reversing violently back to the downside in a mirror of yesterday’s price action in the US dollar.

The EUR/USD spiked higher before coming under intense selling pressure in the immediate aftermath of the European Central Bank meeting as speculators judged the policy statement to be overall more bearish than bullish.

Unlike the Federal Reserve yesterday, the European Central Bank won’t be raising interest rates later on today, but the EUR/USD could nonetheless push higher.

As we noted yesterday, the excitement around today’s FOMC meeting wasn’t about the interest rate decision itself: The Fed delivered its expected 25bps rate hike, bringing the benchmark rate to the 1.75-2.00% range, to little fanfare. Nonetheless, there was still plenty for traders to digest across the central bank’s monetary policy statement, summar...