Dear Reader,

 

Today's overview of economic news and market action:

  • Investor sentiment remained cautious yesterday …
  • BoE hiked by 50bps yesterday, somewhat surprising the market …
  • Currency-wise, the dollar was holding a slightly firmer tone ..
  • The euro handed back some of its recent gains also …
  • Sees EUR/USD open in the lower half of $1.09-1.10 …
  • GBP/USD is operating down in the bottom half of $1.27-1.28 …
  • EUR/GBP is just below 86p …
  • Later today, the flash PMIs for June in the Eurozone, UK and US will garner attention …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.092   -0.60 2.04
EUR/GBP 0.8587   -0.27 -2.91
GBP/USD 1.2717   -0.31 5.13
GBP/EUR 1.1641   0.27 2.99
*versus Previous Day's European Open

 
 
 
Bank of England Watch - June 2023
 

BoE hikes by 50bps to 5% and retains bias to do more

 

The June meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 50bps rate increase. 
 
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Weekly Market Brief: 19-23 June
 

ECB’s Strong Four-hand

 

The Euro area economy has lost considerable momentum since last summer.
 
Read More
 
ECB Watch - June 2023
 

ECB hikes rates by a further 25bps, but not done yet

 

As had been widely expected, the June meeting of the ECB’s Governing Council saw the central bank raise rates by a further 25bps, pushing the key deposit rate up to 3.5%.
 
Read More