Dear Reader,

 

Today's overview of economic news and market action

  • Data focus yesterday was on the flash July PMIs
  • Overall though, no impact on the respective currencies
  • EUR/USD remains near midpoint of $1.08-1.09
  • EUR/GBP continues in and around 84p
  • The yen though has continued to strengthen
  • Ahead today, raft of US data due, including GDP and core-PCE for Q2
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0839   -0.07 -1.79
EUR/GBP 0.8408   -0.08 -3.00
GBP/USD 1.2891   0.04 1.27
GBP/EUR 1.1889   0.08 3.09
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
 
Economist's Weekly Market View: 23 July
 

ECB keeping its options open on rates outlook

 

In the past week we have seen the July/August round of the key central bank meetings get underway, with the European Central Bank (ECB) first up. As expected, its Governing Council kept interest rates unchanged. This means that the Deposit rate remains at 3.75% while the Refi rate stays at 4.25%. 
 
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ECB Watch - July 2024
 

The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle.
 
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Weekly Market Brief: 22 - 26 July
 

ECB keeping its options open


In the past week we have seen the July/August round of the key central bank meetings get underway, with the ECB first up. As expected, the Governing Council kept interest rates unchanged. This means that the Deposit rate remains at 3.75% while the Re-fi rate stays at 4.25%.
 
Read More