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Dear Reader,

 

Today's overview of economic news and market action

  • Market focus yesterday was on Fed Powell’s Congressional testimony
  • Overall, his comments were balanced in tone
  • He provided no insight into when the Fed may cut rates
  • Currency-wise, the event had no impact on the dollar
  • EUR/USD, EUR/GBP and GBP/USD confined to very tight ranges
  • EUR/USD remains above $1.08
  • Today’s macro data calendar is very quiet
 
Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0817   -0.11 -1.98
EUR/GBP 0.8454   -0.01 -2.47
GBP/USD 1.2791   -0.12 0.49
GBP/EUR 1.1821   0.01 2.53
*versus Previous Day's European Open

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

Amidst the political noise, central bankers chart course for monetary policy

 

While political events dominated the news agenda, last week’s ECB forum in Sintra gave important hints towards near-term monetary policy. In her opening remarks at the forum, ECB President Lagarde ruled out a further cut at its July meeting, stating “it will take time for us to gather sufficient data to be certain that the risks of above-target inflation have passed,".