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Dear Reader,

 

Here is an overview of today's economic news and market action:

  • As expected, BoE hiked by 25bps to 4.50%...
  • It retains willingness to hike again, if required...
  • Relatively muted market reaction to the BoE outcome...
  • Sterling is somewhat softer over the past 24 hours...
  • At the same time, the dollar is firmer...
  • GBP/USD below $1.26 nearer to $1.25...
  • EUR/USD in the lower half of $1.09-1.10...
  • Today’s macro diary features US consumer sentiment (May)...
 
Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0924   -0.46 2.07
EUR/GBP 0.8728   0.34 -1.31
GBP/USD 1.2513   -0.82 3.44
GBP/EUR 1.145   -0.34 1.33
*versus Previous Day's European Open

 
 
 
 
BoE Watch - May 2023
 
 

BoE hikes by further 25bps to 4.5%, raises growth forecast

 

As expected, the May meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 25bps rate increase.
 
 
Scaling the Peaks: Weekly Market View
 
 

The US Federal Reserve has opened the door to pausing its rate hiking campaign, following a 25bps rate increase at its policy meeting last week, which brought the funds rate up a 5.0-5.25% range.
 
 
Weekly Market Brief: 8 - 12 May
 
 

The Next Cycle

 

The US Fed has opened the door to pausing its rate hiking campaign, following a 25bps rate increase at its latest policy meeting, which brought the funds rate up a 5.0-5.25% range.