Dear Reader,
Today's overview of economic news and market action:
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- Risk appetite soured yesterday as markets continued to digest the Fed meeting …
- Meantime, BoE surprised markets by leaving rates unchanged …
- Sterling weakened following the BoE policy decision …
- Sees GBP/USD back below the $1.23 threshold …
- EUR/GBP is in the top half of 86-87p …
- EUR/USD remains in the $1.06-1.07 range …
- Today, the flash PMIs (Sep) in the US, Eurozone and UK are due …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0651 |
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0.15 |
-0.48 |
| EUR/GBP |
0.8676 |
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0.50 |
-1.90 |
| GBP/USD |
1.2275 |
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-0.35 |
1.47 |
| GBP/EUR |
1.152 |
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-0.50 |
1.94 |
| *versus Previous Day's European Open |
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FED Watch - September 2023
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Fed leaves rates unchanged in a hawkish hold
As had been well signalled, the US Fed left official interest rates unchanged at the conclusion of its policy meeting.Thus, the target range for the funds rate remains at 5.25-5.50%.
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Weekly Market View
Markets Expect ECB Rate Cuts in 2024
Markets are of the view that we have seen the final ECB rate hike, following last Thursday’s 25bps increase, which brought the key deposit rate up to 4%.
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ECB Watch - September 2023
ECB Depo rate hits 4%, likely to be the peak
The September meeting of the ECB’s Governing Council saw the Central Bank raise rates by a further 25bps, pushing the key deposit rate up to 4.00%.
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Weekly Market Brief: 18-22 September
Recession Required for Rate Cuts
Markets are of the view that we have seen the last ECB rate hike, following Thursday’s 25bps increase, which brought the key deposit rate up to 4%.
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