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Dear Reader,

 

Today's overview of economic news and market action

  • Very quiet macro calendar yesterday
  • Currency-wise, sterling is firmer over the past 24 hours
  • The dollar has retained its softer tone
  • EUR/GBP has edged back from  midpoint of 84-85p
  • EUR/USD is marginally higher within lower half of $1.08-1.09
  • Ahead today, focus is on US CPI inflation data for June
 
Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0837   0.18 -1.80
EUR/GBP 0.8427   -0.33 -2.78
GBP/USD 1.2859   0.52 1.02
GBP/EUR 1.1861   0.33 2.86
*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,".