Dear Reader,

 

Today's overview of economic news and market action:

  • Risk averse mood on markets throughout last week …
  • BoE hiked rate by 50bps following higher than forecast inflation …
  • The market now expects  UK Bank rate to peak above 6% …
  • Despite this though, sterling found itself under some downward pressure …
  • EUR/USD opens this morning just above $1.09 …
  • GBP/USD is changing hands in the lower half of $1.27-1.28 …
  • EUR/GBP is operating above the halfway mark of 85-86p …
  • This week, the focus will be on US and Eurozone inflation data …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0904   -0.25 1.89
EUR/GBP 0.8565   -0.44 -3.15
GBP/USD 1.273   0.19 5.23
GBP/EUR 1.167   0.44 3.26
*versus Previous Day's European Open

 
 
 
Weekly Market Brief: 26-30 June
 

Higher and Higher

 

Inflation remains a key aspect of the discourse on the global economic outlook and the trajectory of interest rates.
 
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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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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%.
 
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