Dear Reader,
Today's overview of economic news and market action
- Overnight, the Fed cut rates by 50bps to 4.75-5.00% …
- The updated interest rate dot plot indicates further easing can be expected …
- However, at the press conference, Chair Powell was somewhat hawkish in his remarks …
- The dollar initially softened on the Fed decision but recouped its later on …
- Sees EUR/USD open this morning in the lower half of $1.11-1.12 …
- GBP/USD is up above the $1.32 threshold …
- EUR/GBP is back near to 84p …
- Today, the BoE is expected to leave policy on hold …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.113 |
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0.10 |
0.85 |
| EUR/GBP |
0.8409 |
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-0.49 |
-2.99 |
| GBP/USD |
1.3232 |
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0.56 |
3.95 |
| GBP/EUR |
1.1888 |
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0.49 |
3.08 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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ECB Watch - September 2024
ECB cuts as expected, but vague guidance on rate outlook
The ECB cut interest rates for a second time this year at the September policy setting meeting of its Governing Council. The Deposit rate was lowered to 3.50%. Meanwhile, the refi rate was cut to 3.65%, which entailed a previously announced technical adjustment of a reduction in the spread between the Depo and Refi rates from 50bps to 15bps.
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