Published: 23/10/2024 By ECAP
The British Pound held steady during yesterday’s trading session as Bank of England Governor Andrew Bailey made his first of four appearances on the docket this week. In fact, with three more BoE Bailey appearances, investors will keep track of any repetitious statements on Governor Bailey’s speech cards. His second appearance will be later this evening, then GBP investors will be pivoting to UK PMI figures due tomorrow morning.The Euro lost further ground against its peers yesterday, sliding off the back of ECB President Christine Lagarde’s speech, as her talking points did little to support the bloc’s single currency. Looking forward, market participants await today’s pan-EU PMI survey results. Median market forecasts calling for a slight uptick in October’s EU Services PMI to 51.6 from September’s 51.4.
The U.S. Dollar is enjoying a three-week win streak and is on track for its biggest October gains in over a decade, extending recent gains as investors bet on a slower pace of interest rate cuts by the Fed. In fact, investors were seen pricing in an 85.9% chance for a 25-basis point cut in November, and a 14.1% chance rates will remain unchanged.
Data supplied by GC Partners