Dear Reader,
Today's overview of economic news and market action:
- Very quiet macro diary yesterday
- As a result, main FX pairs confined to narrow ranges
- Euro was under some mild downward pressure
- EUR/USD was down near to $1.09
- EUR/GBP was struggling to hold onto 86p
- This morning UK Q2 unemployment and wage growth have surprised versus forecasts
- Later today, US retail sales for July are due for release
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0919 |
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-0.14 |
2.03 |
| EUR/GBP |
0.8592 |
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-0.44 |
-2.85 |
| GBP/USD |
1.2705 |
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0.28 |
5.03 |
| GBP/EUR |
1.1631 |
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0.44 |
2.93 |
| *versus Previous Day's European Open |
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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 View
King of the Hill
The US economy continues to strongly outperform Europe, as it confounds fears that it could enter recession this year. US data have come in well ahead of expectations to date in 2023. This has seen US GDP rise by 0.5% and 0.6% in the first two quarters of the year. By contrast, Eurozone data have disappointed.
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