Daily Insights

May 23, 2024

Minutes from the two-day FOMC meeting earlier this month showed that the officials support interest rates to be “higher for longer” and are worried if policy is restrictive enough to bring inflation down to their target.
Following disappoint readings on inflation over the first quarter, committee members acknowledged “that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%”.
The US Dollar edges lower this morning after rising for three consecutive days with the DXY trading at 104.86.

In the UK, April CPI print has likely put bets for a June cut on the shelf and markets now point at a 50% chance of a cut at the August meeting according to Overnight Index Swaps.
Inflation is likely to drop further to the 2% goal until the end of the year instead of reaccelerating as the BOE expects. This could be a reason for rates to be cut faster than the markets currently anticipate.
UK Prime Minister Rishi Sunak has called for an early than expected election this summer, which is due to take place on the 4^th of July. Inflation data failed Sunak and stagnant living standards are likely to deny him another mandate. Issues like inflation and weak productivity growth remain the biggest challenge for the UK economy which the next successor will have to face.
GBP/USD holds above 1.27, trading at 1.2726 while EUR/USD continues to hold above 1.08 at 1.0828.

Economic Calendar

23 May 2024

JPY - Flash Manufacturing PMI

AUD - MI Inflation Expectations

EUR - French Flash Manufacturing PMI

EUR - French Flash Services PMI

EUR - German Flash Manufacturing PMI

EUR - German Flash Services PMI

EUR - Flash Manufacturing PMI

EUR - Flash Services PMI

GBP - Flash Manufacturing PMI

GBP - Flash Services PMI

All - G7 Meetings

CNY - Foreign Direct Investment ytd/y

GBP - MPC Member Pill Speaks

CAD - NHPI m/m

USD - Unemployment Claims

CNY - CB Leading Index m/m

USD - Flash Manufacturing PMI

USD - Flash Services PMI

EUR - Consumer Confidence

USD - New Home Sales

USD - Natural Gas Storage

USD - FOMC Member Bostic Speaks

NZD - Trade Balance

GBP - GfK Consumer Confidence

JPY - National Core CPI y/y

Market Indicators

Currency Pairs

Pair	High	Low
eur/gbp	0.85117	0.85044
gbp/usd	1.27317	1.27167
gbp/aud	1.92298	1.91908
gbp/nzd	2.08548	2.07904
usd/jpy	156.906	156.575
eur/usd	1.08324	1.08213
gbp/jpy	199.587	199.264
eur/cnh	7.85819	7.8478
usd/cnh	7.25801	7.24837

Equities and Commodities

Nasdaq 100	18881.1
DOW	39716.2
S&P 500	5340.71
BRENT CRUDE	81.37
WTI	76.94
GOLD	2362.55

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.

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Marketwatch EU & UK

Daily Insights

May 23, 2024

Economic Calendar

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Marketwatch EU & UK

Daily Insights May 23, 2024

Economic Calendar

Market Indicators

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Daily Insights

May 23, 2024