Dear Reader,

 

Today's overview of economic news and market action

  • It was a relatively quiet day on financial markets yesterday …
  • Currency-wise, the main pairs operated in tight ranges during the European session …
  • Overnight though, the dollar’s losses accelerated, and the euro moved off its lows …
  • Sees EUR/USD open this morning just shy of $1.12 …
  • GBP/USD is changing hands up at the $1.34 handle …
  • EUR/GBP has edged up to the midpoint of 83-84p …
  • Today, the data calendar is relatively sparse on both sides of the Atlantic …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.1192   0.67 1.41
EUR/GBP 0.8351   0.36 -3.66
GBP/USD 1.34   0.31 5.27
GBP/EUR 1.1972   -0.36 3.80
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
 
ECB Watch - September 2024
 

ECB cuts as expected, but vague guidance on rate outlook


The ECB cut interest rates for a second time this year at the September policy setting meeting of its Governing Council. The Deposit rate was lowered to 3.50%. Meanwhile, the refi rate was cut to 3.65%, which entailed a previously announced technical adjustment of a reduction in the spread between the Depo and Refi rates from 50bps to 15bps. 
 
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Bank of England Watch - September 2024
 

The September meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank leave the Bank rate at 5.00%. This follows a 25bps cut implemented at its previous meeting in early August. The decision to cut in August represented the first rate change from the Bank of England in eight meetings.
 
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US Federal Reserve Watch - September 2024
 

The September meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the first time since 2020. The target range for the Fed funds rate was reduced by 50bps to 4.75-5.00%. It marks the first rate change from the Fed in nine meetings.
 
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