Published: 09/07/2024 By ECAP
The British Pound is struggling to garner investor attention this morning amid an absence of domestic data. Looking forward, as the central bank cancelled all public statements in the run up to the UK’s general election, investors will closely watch tomorrow’s speech by Huw Pill hoping the BoE policymaker will drop some hints surrounding the likelihood of an August interest rate cut.The Euro continues to advance as investors digest the initial shock of France's election results. A surprise leftist alliance has taken the lead, preventing Marine Le Pen's far-right party from dominating the leadership race following a significant upset in previous European Parliamentary elections. Looking forward, inflation figures from Germany are scheduled for publication on Thursday.
The U.S. Dollar rose slightly in Asian trade, steadying after clocking steep losses in the past week amid increased bets on interest rate cuts by the Fed. Powell’s testimony is set to offer more cues on this trend later today. Beyond Powell, consumer price index data is also on tap later this week, while a slew of other Fed officials are also set to speak.
Data supplied by GC Partners