Market Report Week 15

UK:

• GBP continued declining below $1.26 amid a strong US jobs report, raising expectations for fewer rate cuts by the FED than the Bank of England.
• UK consumer credit grew by ￡1.378 billion in February 2024, down from ￡1.77 billion the previous month and below market estimates of ￡1.6 billion.

EURO:

• Euro depreciated towards $1.08 as US labour market strength suggested the Federal Reserve would delay interest rate cuts.
• Euro Area annual core inflation rate fell for an 8th straight month to 2.9% in March 2024, the lowest since February 2022, from 3.1% in February.

USA:

• Job openings in the USA increased to 8.756 million in February 2024, surpassing forecasts of 8.75 Million.
• Services PMI in the USA fell to 51.4 in March 2024, indicating the weakest growth in three months.
• Federal Reserve officials, including FED Chair Jerome Powell, emphasized the need for more debate and data before interest rate cuts, expected in June.
• The US economy added 303K jobs in March 2024, the most in ten months.
• The unemployment rate dipped to 3.8% in March 2024, surprising market expectations.

This week:

Wednesday (10th of April)

• US Inflation Rate (1:30 p.m.)
• US FOMC Minutes (7 p.m.)

Thursday

• EUR Deposit Facility Rate - (1:15 p.m.)
• ECB Interest Rate (1:15 p.m.)
• US PPI MoM (1:30 p.m.)
• ECB Press Conference (1:45 p.m.)
• FED Bostic Speech (6:30 p.m.)

Friday

• UK GDP MoM (7 a.m.)