A mixed week reaches its final day with the dollar flying high against the pound and most commodity backed currencies (NOK, AUD etc) but falling behind other ‘safe haven’ currencies like JPY and CHF.
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The euro ends the week almost 2% up on sterling and ending just a little ahead of the US dollar in a week where the ECB raised its headline interest rate to 3% and indicated that it would…
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It’s been a torrid week for sterling, losing across the board by between 1 and 2.5% against major rivals.
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Global stocks rose yesterday as the markets reacted to hopes that inflation is beginning to slow and that central banks are about to take their foot off the pedal on interest rate rises, if not going into reverse…
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All eyes were on the dollar in the lead up to the FOMC’s meeting yesterday as analysts expected volatility. In particular, declines were expected across EUR/USD, GBP/USD and USD/JPY.
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Euro-watchers will be on standby for volatility over the course of this morning following the Fed’s decision yesterday, and in the run up to the ECB’s and BoE’s this afternoon.
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In its last meeting, the Bank of England voted by a majority of 6-3 to raise interest rates by 50 basis points to 3.5%, which pushed borrowing costs to their highest level since late-2008.
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Sterling weakened against a handful of currencies yesterday including the euro and australian dollar. GBP/AUD was pushed lower by the UK’s latest PMI data which revealed signs of poor performance in the UK’s manufacturing sector.
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