Dear Reader,
Today's overview of economic news and market action
- Uneventful start to a busy week yesterday
- Generally cautious tone to risk appetite
- Key central bank meetings looming on the horizon
- Currency-wise, the dollar remained on the defensive
- EUR/USD edged higher within lower half of $1.11-1.12
- GBP/USD moved above the $1.32 threshold
- Ahead today, macro data diary is US centric
- Retail sales, Industrial production and homebuilder sentiment all feature
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.113 |
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0.30 |
0.85 |
| EUR/GBP |
0.8424 |
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-0.14 |
-2.81 |
| GBP/USD |
1.3212 |
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0.45 |
3.79 |
| GBP/EUR |
1.187 |
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0.14 |
2.90 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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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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