Dear Reader,

 

Today's overview of economic news and market action:

 

    • Cautious mood to investor sentiment yesterday
    • S&P 500 was over 1% lower at the close on Wall Street last night
    • Currency-wise, the dollar has been in the ascendancy
    • At the same time, sterling has found itself on the back foot
    • EUR/USD opens below $1.08
    • EUR/GBP has moved higher into upper half of 85-86p
    • Focus today is very much on Fed Chair Powell’s speech at Jackson Hole
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0788    -0.74  0.80 
EUR/GBP 0.8578    0.40  -3.01 
GBP/USD 1.2576    -0.40  3.96 
GBP/EUR 1.1657    -0.32  3.10 
*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. 
 
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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%
 
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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