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Dear Reader,

 

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

  • Improvement in risk appetite...
  • Encouraging news on US debt ceiling talks...
  • Dollar firmer amid positive US political and macro data news...
  • EUR/USD fell below its 100 day moving average at $1.08...
  • EUR/GBP was in a tight range, in upper half of 86-87p...
  • Ahead today, very quiet macro data calendar...
  • Fed Chair Powell is speaking...
 
Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.078   -0.47 0.73
EUR/GBP 0.8685   0.01 -1.80
GBP/USD 1.2413   -0.49 2.61
GBP/EUR 1.1509   -0.01 1.83
*versus Previous Day's European Open

 
 
 
 
Forex and Interest Rate Outlook - May 2023
 
 

Economic data have generally surprised to the upside year-to-date, though GDP growth was sluggish in Q1. Tighter credit and lending conditions could weigh on activity as year progresses.
 
 
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.
 
 
Weekly Market Brief: 15 - 19 May
 
 

The Long March

 

The Bank of England’s latest set of detailed economic forecasts show it is no longer expecting a recession in the UK