Dear Reader,

 

Today's overview of economic news and market action

  • It was another quiet day on financial markets yesterday, amid a light data schedule on both sides of the Atlantic
  • On the currency front, the main FX pairs were confined to very narrow trading ranges yesterday
  • However, sterling has been on the front foot in early trading today, following the release of UK CPI inflation for April
  • Both the headline and core rate printed above the consensus
  • The sterling reaction sees EUR/GBP changing hands down near the 85p mark
  • Elsewhere, GBP/USD is up at the midpoint of the $1.27-1.28 range
  • Looking to the remainder of today, the macro calendar remains muted
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0857   0.00 -1.62
EUR/GBP 0.8513   -0.33 -1.79
GBP/USD 1.2749   0.31 0.16
GBP/EUR 1.1738   0.33 1.82
*versus Previous Day's European Open
 
Weekly Market Brief: 20 - 24 May
 

Data give comfort ahead of June ECB decision

 

With the market leaning towards a June rate cut, the latest inflation and wage data for the Eurozone suggest price pressure continues to ease in line with expectations, building the case for a shift in ECB policy at its next meeting. Friday’s Eurozone inflation release confirms the initial estimate of a 2.4% rise in consumer prices in April.
 
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