Dear Reader,

 

Today's overview of economic news and market action:

  • Mixed tone to investor sentiment yesterday
  • Backdrop was a very quiet data calendar
  • Longer dated yields edged back slightly from recent highs
  • Currency-wise, the dollar was holding the upper hand
  • At the same time, the euro was on the defensive 
  • EUR/USD back below $1.09, EUR/GBP nearer to 85p
  • Ahead today, flash PMI data for August are the main macro highlight
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0854   -0.49 1.42
EUR/GBP 0.8515   -0.32 -3.72
GBP/USD 1.2743   -0.19 5.34
GBP/EUR 1.1738   0.32 3.86
*versus Previous Day's European Open
 
 
Weekly Market View
 

Rate Outlook Moves to Higher Ground

Market attention this year has been very much focused on hikes in central bank rates and when they might end. Futures contracts indicate that traders believe US rates have now reached a peak and the ECB will deliver just one more hike this autumn. 
 
Read More
 
ECB Watch - July 2023
 

ECB raises rates again, leaves options open about further hike

 

As had been well signalled, the July meeting of the ECB’s Governing Council saw the central bank raise rates by a further 25bps, pushing the key deposit rate up to 3.75%
 
Read More
 
Weekly Market Brief: 21-25 August
 

On the High Road

Market attention this year has been very much focused on hikes in central bank rates and when they might end.
 
Read More