Speaking in India yesterday, chancellor Jeremy Hunt warned the pace of high inflation will prevent pre-election tax cuts in Britain as signs emerge that the Bank of England will raise interest rates next week to ease cost-of-living pressures.
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Sterling weakened by around 0.4% against the euro and US dollar yesterday afternoon, but has been recovering ever since against the euro. The UK unemployment rate for July came in at 4.3% this morning, higher than the 4.2%…
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Wednesday will bring US inflation figures for August. The year-on-year rate is expected to rise from 3.2% in July to 3.4% and the month-on-month rate is expected to increase 0.2%, matching July’s monthly increase.
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Ahead of the all-important ECB decision, European shares entered positive territory this morning, as markets prepare for a crucial week. The Bank is expected to leave rates unchanged at 4.25% on Thursday.
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After the UK unemployment rate increased to 4.2% in the three months to June 2023, the highest level since late-2021. Tomorrow, the figures for July will be revealed and markets predict the rate will remain at 4.2%.
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After a rocky start to September, the US dollar gained almost 1% against the pound and 0.6% against the euro last week as traders became increasingly convinced that the Federal Reserve will keep interest rates higher for longer.
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The pound has pulled back a little against the US dollar, gaining close to 0.5% this morning. However, this does have something of the dead cat bounce about it, coming as it does after roughly a 5% fall…
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Although yesterday it was pegged back slightly in quiet trading, overall the past week has been good for the dollar, including a 0.75% rise against the pound and 0.5% against the euro.
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