Market Report : 23.02.2024

Published: 23/02/2024 By ECAP

Sterling remains on the rise against the US dollar, backed by the latest PMI data, which showed UK growth in the private sector for the 4th consecutive month. Additional hope from the Bank of England has also contributed to sterling strength as Governor Baily stated the UK recession may already be over with distinct signs of upturn in the UK economy.

The Euro managed to recover recent losses against the US dollar. However, unfavourable PMI data from both the US and the EU has caused euro strength to fizzle out, giving Bulls a cause for pause with limited data being released by the EU next week.

The US Dollar experienced a slow week as Wednesdays FOMC minutes provided further clarification on US Interest Rate cuts, with the latest data showing markets pricing the first cut in June. The US markets will be keeping a close eye on the Durable Goods & Housing Price Index that’s set to be released next Tuesday, followed by the GDP for Q4 on Wednesday.

Data supplied by GC Partners