Dear Reader,
Today's overview of economic news and market action
- Market focus yesterday was centred on US inflation data
- The June numbers printed below expectations
- Led to softening in US rate expectations
- Created challenging backdrop for the dollar
- EUR/USD got to within touching distance of $1.09
- GBP/USD traded to a YTD high
- Elsewhere, it appears Japan intervened to support the yen
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0837 |
|
0.18 |
-1.80 |
| EUR/GBP |
0.8427 |
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-0.33 |
-2.78 |
| GBP/USD |
1.2859 |
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0.52 |
1.02 |
| GBP/EUR |
1.1861 |
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0.33 |
2.86 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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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,".
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