Spectrum FX Daily Report

Spectrum FX Daily Report

GBP: All eyes on the BoE later today for the rate decision, which is expected to remain at 5.25%. Markets will be paying close attention to BoE governor Bailey’s speech to try to anticipate when rate cuts may be in play. It has been expected that the BoE will cut rates later this year due to easing inflationary risk, contributing to multi-day losses. Tomorrow will see the release of GDP data which is expected to come in at 0.4%, signalling an end to the recession.

EUR: The ECB is largely expected to cut rates before the end of the year and attention will be on the ECB Monetary Policy Meeting Accounts on Friday. It is expected to give an insight into the economic outlook and potential rate projections. Data is light for the rest of the week but tomorrow sees ECB member speeches that will be closely watched for any indications on future rate decisions.

USD: The USD is gaining ground off the back of the Fed reiterating that they will keep interest rates higher for longer, maintaining their hawkish stance, in contrast to the ECB and BoE. Higher US Treasury yields are providing further support. Initial Jobless claims will be on the data docket later today which is expected to come in slightly higher than the previous reading. To finish off the week, tomorrow there will be a host of Fed speeches and the Michigan Consumer Sentiment reading, providing further information on economic outlook. ?

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