Published: 18/06/2024 By ECAP
The British Pound was relatively flat this morning as market participants await tomorrow’s CPI inflation numbers. Moreover, the Bank of England gathers for a fresh vote on interest rates on Thursday. The UK central bank is broadly expected to hold interest rates at 5.25%, with the Monetary Policy Committee forecasted to vote seven-to-two on keeping rates unchanged, in line with the BoE’s previous meeting.The Euro continues to trade on the back foot, weakened by the unforeseen surge in political uncertainty following French President Emmanuel Macron's decision to call legislative elections for the end of June. Looking forward, Pan-European economic figures are limited to mid-tier prints this week, leaving markets to focus on today’s upcoming US Retail Sales print.
The U.S. Dollar lost some ground yesterday as investors shrugged off cautionary tones from Federal Reserve officials to continue hoping for a September rate cut as U.S. economic data softens. Looking forward, U.S. data will dominate financial headlines with today’s Retail Sales figures, leaving markets shuffling in place until Friday’s global PMI data.
Data supplied by GC Partners