Market Report : 27.06.2024

Published: 27/06/2024 By ECAP

The British Pound was relatively flat as yesterday's session saw little of note in scheduled releases, with the UK absent from the economic calendar. Nevertheless, today’s session will see the Bank of England’s latest Financial Stability Report. Moreover, Friday will round out the trading week with the UK’s quarterly GDP revisions, expected to hold steady at 0.6% QoQ.

The Euro lost further ground yesterday after the German GfK Consumer Confidence Survey for July unexpectedly ticked lower. In fact, German consumer confidence backslid to -21.8 for July, missing the forecast recovery to -18.9 from the previous month’s revised -21.0. Despite a slow and steady recovery in the survey, yesterday's downside print kicked the legs out from beneath the already-battered Euro.

The U.S. Dollar fell slightly in Asian trade but remains close to a near two-month high hit yesterday. Focus this week remains squarely on PCE price index data - the Federal Reserve’s preferred inflation gauge - as well as the first Presidential debate, which is set to take place later today.

Data supplied by GC Partners