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Dear Reader,

 

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

  • US CPI data was the centre of attention yesterday...
  • Overall, data provided no notable surprises...
  • Reinforced market expectations that US rates have peaked...
  • Currency-wise, uneventful 24 hours for the majors...
  • EUR/USD remains below $1.10, EUR/GBP continues under 87p...
  • Focus today shifts to BoE meeting with some event risk for sterling...
 
Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0971   0.00 2.51
EUR/GBP 0.8692   0.00 -1.72
GBP/USD 1.2619   -0.01 4.32
GBP/EUR 1.15   0.00 1.75
*versus Previous Day's European Open

 
 
 
 
ECB Watch - May 2023
 
 

ECB slows pace of rate hikes to 25bps, but is not pausing

 

The May meeting of the ECB’s Governing Council saw the central bank raise rates by 25bps, bringing the key deposit rate up to 3.25%.
 
 
Scaling the Peaks: Weekly Market View
 
 

The US Federal Reserve has opened the door to pausing its rate hiking campaign, following a 25bps rate increase at its policy meeting last week, which brought the funds rate up a 5.0-5.25% range.
 
 
Weekly Market Brief: 8 - 12 May
 
 

The Next Cycle

 

The US Fed has opened the door to pausing its rate hiking campaign, following a 25bps rate increase at its latest policy meeting, which brought the funds rate up a 5.0-5.25% range.