After soaring to a fresh year-high on Monday, the pound quickly lost most of its gains against the euro yesterday morning as UK jobless rate came in lower than expected.
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Government borrowing costs in the UK have risen to levels not seen since Liz Truss’ premiership and last September’s mini-budget crisis. This comes as fresh economic data hiked interest rate expectations.
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Yesterday the Spanish inflation rate declined to 3.2% in May 2023, from 4.1% the month previous. This is the lowest rate since July 2021.
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Following the decline in US inflation, the core inflation rate slowed to 5.3% – the lowest since November 2021. This supports the argument for the Federal Reserve to consider pausing its current cycle on monetary tightening.
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As well as monthly and yearly inflation, core consumer price inflation for the US will also be released today. Core inflation, excludes the more volatile items such as food and energy.
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Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, will deliver a speech at 10:45 am today. Markets will be listening for any clues on ECB policy.
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The Bank of England’s (BoE’s) governor, Andrew Bailey, and monetary policy committee member, Swati Dhingra, will both deliver speeches today.
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Market watchers can expect a flurry of key economic data to be released over the course of today. We’ve just seen the final annual inflation rate for Germany, which was confirmed at the14-month low of 6.1% in May,…
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