The Bank of England raised rates to 5.25%, causing a one-month low in the GBP/USD pair. The decision was based on a split vote, with two members expecting a 50-bps rate hike.US Initial Jobless Claims were in line with estimates, and the ISM’s business services activity reading was 52.7, indicating …
Read More »British rate-sensitive assets gain post BoE’s policy decision
The Bank of England raised interest rates by 25 basis points, easing monetary tightening from its previous meeting. The key interest rate reached a 15-year peak of 5.25%, with market pricing suggesting a 50-basis point increase. However, unlike the US central bank or the ECB, the Monetary Policy Committee (MPC) …
Read More »Inflation in Turkey jumps to 9.49% in July amid tax increases and a weaker lira
Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira. Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 …
Read More »Market Drivers – US Session- August 1
Crude oil prices surged for the third consecutive day and for the seventh time out of the last eight days. WTI got closer to $82.00 per barrel and posted its highest close since mid-April.The US Dollar posted mixed results on Monday, rising versus the Euro, the Pound, and the Yen …
Read More »US economy beats expectations with spring surge
The US economy experienced a spring surge, with growth reaching an annual rate of 2.4% in the three months to June, despite a slowdown in consumer spending. This growth was driven by a jump in business investment and a 1.6% increase in consumer spending. The Fed’s interest rate hikes have …
Read More »President of the Turkish Central Bank: Monetary tightening will continue gradually
The new President of the Turkish Central Bank, Hafiza Ghaya Erkan, said on Thursday that the bank will tighten monetary policy gradually and will continue to implement selective tightening measures. Speaking during a press conference in Ankara to announce the bank’s quarterly inflation report, Erkan stated that inflation will rise …
Read More »Business activity contracted in Germany in July
A preliminary survey published on Monday showed business activity contracted in Germany in July, raising the possibility of a recession in the second half of the year. The Hamburg Mercantile Bank’s composite purchasing managers’ index released by Standard & Poor’s Global fell to 48.3 in July from 50.6 in June, …
Read More »Financial Markets’ Weekly Recap, July 16-21
The Standard & Poor’s 500 and Nasdaq indexes fell at the close on Wall Street on Thursday, affected by the decline in Tesla and Netflix shares after the release of their quarterly results, but the Dow Jones Industrial Average closed higher for the ninth consecutive day, thanks to Johnson & …
Read More »What does Canada’s retail sales data reflect about consumer spending?
May saw a 0.2% growth in Canadian retail sales, somewhat less than the predicted 0.5% gain. Retail sales only slightly increased in May and the forecast for June shows that the trend persisted. This suggests that Canadian consumer spending was weak even before the Bank of Canada resumed its cycle …
Read More »After US Jobless Claims reading, USD/JPY rises back above 140.00
The USD/JPY recorded advances for a fifth straight day, reaching a peak just shy of 140.40. The second week of July saw a slowdown in Jobless Claims, which fueled an increase in US rates. The Fed Survey and Existing Home Sales in Philadelphia produced subpar results. The pair is trading …
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