Dear Reader,
Today's overview of economic news and market action
- Monetary policy is front and centre of market’s focus at the moment
- Last week saw the ECB cut rates as expected, but was coy on rates outlook
- This week, Fed (Wed), BoE (Thur) and BoJ(Fri) all meeting
- Spotlight is on the Fed, with no changes expected from the other two
- Therefore, event risk for the dollar from the meeting amid speculation on size of rate cut
- EUR/USD starts this week at $1.11, while EUR/GBP remains in lower half of 84-85p
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.1103 |
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0.19 |
0.61 |
| EUR/GBP |
0.8436 |
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0.07 |
-2.68 |
| GBP/USD |
1.3158 |
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0.08 |
3.37 |
| GBP/EUR |
1.185 |
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-0.07 |
2.75 |
| *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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