Dear Reader,
Today's overview of economic news and market action:
- Risk averse mood to market sentiment yesterday
- Amid some negative credit ratings newsflow for US banks
- Equity markets fell on both sides of the Atlantic
- Dollar was supported by safe haven demand
- Overall though, FX moves over the past 24 hours have been limited
- EUR/USD opens this morning in the upper half of $1.09-1.10
- EUR/GBP remains in and around the 86p level
- Very quiet macro data diary for today
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.097 |
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-0.20 |
2.50 |
| EUR/GBP |
0.859 |
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-0.24 |
-2.87 |
| GBP/USD |
1.2767 |
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0.05 |
5.54 |
| GBP/EUR |
1.1636 |
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0.24 |
2.96 |
| *versus Previous Day's European Open |
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Weekly Market View
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King of the Hill
The US economy continues to strongly outperform Europe, as it confounds fears that it could enter recession this year. US data have come in well ahead of expectations to date in 2023. This has seen US GDP rise by 0.5% and 0.6% in the first two quarters of the year. By contrast, Eurozone data have disappointed.
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ECB Watch - July 2023
ECB raises rates again, leaves options open about further hike
As had been well signalled, the July meeting of the ECB’s Governing Council saw the central bank raise rates by a further 25bps, pushing the key deposit rate up to 3.75%
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Fed Watch - July 2023
Fed hikes by 25bps, keeps its options open
As widely expected, the Fed hiked US rates by 25bps at the conclusion of its policy meeting yesterday, bringing the target range for the funds rate up to 5.25-5.50%.
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