Yesterday sterling regained a little of its losses against the euro, but remains close to 1% down on where it was before Wednesday’s inflation announcement. A more muted recovery against the US dollar, with the pound still 1.7%…
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Yesterday the pound experienced its biggest one-day loss in over a month after UK inflation slowed faster than expected in June.
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Following economists’ reactions to the lower-than-expected UK inflation rate for June, investors have locked in a 25 basis-point hike from the Bank of England, which is due to announce the latest bank rate on August 3rd.
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The core inflation rate (which excludes food and energy) rose to 5.5% in the Euro Area in June, exceeding preliminary estimates of 5.4% and remaining close to the recent peak of 5.7%.
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After a falling to a six-year low against the Mexican peso on July 14th, the US dollar picked up amid soft housing data and a lack of economic data. The rate is currently down 0.6% on the week.
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The pound has fallen by around 1% against the euro and US dollar this morning following an announcement that UK consumer price inflation (CPI) has fallen to 7.9%, lower than expected. While this is still far above the…
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Retail sales in the US grew 0.2% month-over-month in June, the lowest increase in three months and below forecasts of a 0.5% gain. Sales were down at home centres, department stores and gas stations.
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The euro strengthened to its highest level since February 2022 against the US dollar on Tuesday. Its strength could be credited to investor comments that predict the European Central Bank will continue hiking interest rates to tackle inflation.
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