Sterling enters interest rate decision day weaker than its rival euro, with daily and weekly losses of around -0.76% and -0.74%, respectively.
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Preliminary estimates for United States building permits were released by the U.S. Census Bureau yesterday. The data revealed US building permits rose by 5.2% to a seasonally adjusted rate of 1.491 million in May.
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Today is pretty quiet on the eurozone data front however, investors can look forward to the latest consumer confidence (flash reading) tomorrow.
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As we progress through the penultimate week of the month, sterling boasts gains of around 1.66% on a monthly footing against the euro as investors chow down on the latest inflation data and anticipate the BoE’s big interest…
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We’ve just seen yearly, monthly and core inflation rates for the UK. All were expected to fall however, economists' predictions have been shattered this morning, with yearly inflation holding steady at 8.7% in May.
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After a strong but rocky week for the pound, sterling lost close to 0.6% against the euro yesterday. By close-of-play, it regained some of its strength, but remains 0.4% worse off this morning.
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The NAHB/Fargo Housing Market Index in the US rose by 5 points in June 2023, taking the current reading to 55, beating market forecasts of 51.
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The euro has continued to climb since edging higher this time last week. This morning the euro-to-dollar rate is up close to 1.2% on the week and almost 1% on the month.
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