Dear Reader,
Today's overview of economic news and market action:
- US July inflation data was the focus for markets yesterday
- Overall, the data was slightly softer than expected
- Currency-wise, the dollar initially weakened in the immediate aftermath
- However, this weakness was not sustained
- EUR/USD opens this morning just below $1.10
- EUR/GBP has edged up to the midpoint of 86-87p
- US consumer sentiment for August is due out this afternoon
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0994 |
|
0.15 |
2.73 |
| EUR/GBP |
0.865 |
|
0.17 |
-2.19 |
| GBP/USD |
1.2708 |
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-0.02 |
5.05 |
| GBP/EUR |
1.1555 |
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-0.17 |
2.24 |
| *versus Previous Day's European Open |
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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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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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