Dear Reader,
Here is an overview of today's economic news and market action:
- Relatively quiet day on markets yesterday …
- Market rate hike expectations hardened slightly …
- Currency-wise, the main pairs remained range bound …
- EUR/USD opens in the lower half of $1.08-1.09 …
- GBP/USD is operating just above $1.23 …
- EUR/GBP remains in the top half of 87-88p …
- Quiet data schedule ahead today …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0825 |
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0.14 |
1.15 |
| EUR/GBP |
0.8792 |
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0.16 |
-0.59 |
| GBP/USD |
1.2312 |
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-0.02 |
1.78 |
| GBP/EUR |
1.1371 |
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-0.16 |
0.59 |
| *versus Previous Day's European Open |
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Economist's Weekly Market View - Stresses and Strains
The stresses that have emerged in parts of the global banking system, and the associated volatility this has generated on financial markets are now weighing on central bank’s monetary policy decisions. The US Fed, in particular, is clearly worried about the economic implications, having mulled not increasing rates at all, at last week’s policy meeting.
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Weekly Market Brief: 27 - 31March
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Inflection Point
- The stresses that have emerged in parts of the global banking system, and the associated volatility this has generated on financial markets are weighing on central bank’s monetary policy decisions.
- Meantime, we have already seen a tightening of financial market conditions and lending standards for loans in the past year
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Fed Watch - March 2023
Fed hikes by further 25bps, but rates near peak
As largely expected, the Fed announced a further 25bps hike in rates yesterday. This brings the target range for the Fed funds rate up to 4.75-5.0%.
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BoE Watch - March 2023
BoE hikes by 25bps, and retains a tightening bias
The March meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 25bps rate hike. The voting breakdown showed that the MPC continued to be split on its rate decision.
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ECB Watch - March 2023
The March meeting of the ECB’s Governing Council saw the central bank raise rates by 50bps, which brings the key deposit rate up to 3%.
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