Dear Reader,

 

Today's overview of economic news and market action

  • There was a quiet start to the week on markets yesterday, amid a sparse data schedule …
  • Against this backdrop, equity markets recouped some of their losses from last week …
  • On the currency front, the main FX pairs have operated in very narrow ranges over the past 24 hours …
  • Overnight, the yen has been on the front-foot …
  • EUR/USD is operating in the top half of $1.08-1.09 …
  • GBP/USD is changing hands in the lower half of the $1.29-1.30 corridor …
  • Meantime, EUR/GBP continues to trade in the 84-85p band …
  • USD/JPY is at the midpoint of the ¥156-157 range …
  • Turning to the day ahead, the data calendar is once again limited …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0882   -0.05 -1.40
EUR/GBP 0.8423   -0.04 -2.83
GBP/USD 1.2918   0.02 1.48
GBP/EUR 1.1867   0.04 2.91
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
 
ECB Watch - July 2024
 

The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle.
 
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Weekly Market Brief: 15 - 19 July
 

ECB keeping its options open


In the past week we have seen the July/August round of the key central bank meetings get underway, with the ECB first up. As expected, the Governing Council kept interest rates unchanged. This means that the Deposit rate remains at 3.75% while the Re-fi rate stays at 4.25%.
 
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