It’s been a positive week for the single currency on the whole, strengthening against most major currencies except for the Norwegian krone, and including a roughly 0.75% rise against sterling overall.
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Sterling powered ahead against the US dollar yesterday while remaining broadly static against the euro. This morning’s data on consumer confidence and – more importantly – spending has boosted sterling further.
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Sterling turned another corner yesterday after an up-and-down sort of week. GBP/USD ends the week close to its highest levels since last spring. Less positively against the euro, it hit a two-week low early yesterday but has been…
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The US Federal Reserve raised the fed funds rate by 25bps to 5% yesterday in line with market forecasts. This pushed interest borrowing costs their highest levels in over a decade, since 2007, as inflation remains elevated.
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The Euro strengthened to its highest levels since early February, as economists digest the latest Fed interest rate decision.
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Sterling enters interest rate day weaker than the euro but stronger than the US dollar compared to this time yesterday.
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With inflation surprising markets, creeping above 10% to 10.4% yesterday, some analysis say this now complicates the Bank of England’s interest rate decision which is set to take place this afternoon.
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As you’ve probably heard, inflation in the UK didn’t do what it was meant to last month, which was decline nicely towards the Bank of England target of 4% by the end of the year, and instead shot…
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