Less bad news than true positive news is being reflected in the strength of the British pound. Analysts note that the Bank of England will be heavily reliant on UK data (including employment and inflation) the following week. Although the pound has done well this year, recent data may have …
Read More »GBP/USD surges towards the psychological 1.24 level
The 1.24 region is the target for the bulls in the GBP/USD market. The most important US inflation data will be released on Friday for traders. The GBP/USD exchange rate was last up 0.65% at 1.2391 after fluctuating between a low of 1.2293 and a high of 1.2392. at the …
Read More »Market Drivers – US Session 09/02/2023
The US dollar has been higher with gains ahead of Wall Street’s opening, advancing at the end of the trading day as US indexes plunged ahead of the close though Dow surged earlier on robust earnings including Disney and PepsiCo.The dollar benefited from higher government bond yields but also from …
Read More »Could BoE Decide Biggest Interest Rate Hike In 33 Years?
prices are surging five times faster than the UK central bank’s 2% target, so, the sterling falls on daily basis, and accordingly, policy makers led by Governor Andrew Bailey face accelerating pressure to step up the pace of monetary tightening.This week, the Bank of England will consider whether to pursue …
Read More »GBP/USD retreats on risk-on ahead of BoE’s decision
The GBP/USD pair falls for the second successive day, as sellers hold 1.2200, alongside a risk-on impulse. Broad US dollar strength keeps the American currency afloat against most G10 currencies.Fed officials hawkish comments boosted the dollar and constituted a headwind for the GBP/USD pair. The Bank of England (BoE) is …
Read More »The annual inflation rate in the euro area rose to 8.6% in June
Annual inflation in the euro area hit a new record after reaching 8.6% in June, in line with expectations, up from 8.1% recorded in May. The inflation rate rose on a monthly basis by 0.8%, also in line with expectations, and it also rose by the same rate in May. …
Read More »Eurozone Preliminary Inflation soars 8.6%
The annualized Eurozone Harmonised Index of Consumer Prices (HICP) surged by 8.6% in June vs. the previous reading of 8.1%, the latest data published by Eurostat showed on Friday. The market expected the bloc’s inflation to accelerate by 8.4%. The core figures dropped to 3.7% YoY in June when compared …
Read More »Eurozone Preliminary Inflation surges 8.1% YoY in May
The annualized Eurozone Harmonised Index of Consumer Prices (HICP) soared by 8.1% in May vs. the previous reading of 7.4%, the latest data published by Eurostat showed on Tuesday. The consensus forecast was for a reading of 7.7%. The core figures arrived at 3.8% YoY in May when compared to …
Read More »Eurozone final inflation rises 0.6% MoM in April
Eurozone inflation held steady at a record high 7.4% in April, driven by soaring fuel and food costs, the EU’s statistics agency said today, lowering its estimate from a preliminary 7.5%. Inflation has soared over the past year, first on post-Covid supply bottlenecks and latterly on knock-on effects from Russia’s …
Read More »EUR/GBP highest since December, approaching 0.8600
The British pound remains under pressure, still hit by the BoE meeting. The Euro among top performers on Friday. The EUR/GBP pair is posting a weekly gain of almost 200 pips, the best in months.The EUR/GBP rose further on Friday and climbed to 0.8590, reaching the highest intraday level since …
Read More »