GBP/USD Sharply Lower Following Bailey’s Dovish Comments
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- October 3, 2024
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US Service Sector Activity Falls to Its Lowest Level in Four Years
- July 3, 2024
The June Services PMI release was broadly lower across the board, with the headline print dropping to its lowest level in four years at 48.8, five points lower than May’s release at 53.8 and comfortably south of the market’s median estimate of 52.5. This sent the US dollar (USD) and US Treasury yields southbound. New
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May JOLTs Moderately Surprise to the Upside
- July 2, 2024
According to the Job Openings and Labor Turnover Survey, the May Job openings report surprised to the upside, rising by 8.14 million (4.9%), up from April’s downwardly revised print of 7.92 million (4.8%), a three-year low. As per the Reuters poll, recent data surpassed the market’s median estimate of 7.91 million and came within striking
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Australian Dollar Outperforming After Overnight Aussie CPI Beat
- June 26, 2024
The Australian Bureau of Statistics (ABS) released a report overnight revealing a significant increase in inflation. From +3.6% in April, inflation rose by +4.0% in the twelve months to May in Australia. This data, which surpassed the market’s median estimate of +3.8% (Reuters poll), is particularly noteworthy. The monthly CPI indicator accelerated for a third
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Canadian Inflation Reaccelerates in both Headline and Core Data
- June 25, 2024
Canadian Inflation Reaccelerates in both Headline and Core Data The latest Canadian inflation numbers are in, and they were largely hotter than expected. This consequently underpinned the Canadian dollar (CAD) and prompted investors to pare back rate cut expectations. According to Statistics Canada, headline consumer price inflation rose +2.9% in the twelve months to May,
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Dovish Hold: BoE Holds Bank Rate at 5.25% But Signals Summer Rate Cut
- June 20, 2024
MPC members voted 7-2 in favour of the Bank of England (BoE) maintaining its official Bank Rate at 5.25% (16-year peak) for a seventh consecutive meeting (Swati Dhingra and Deputy Governor Dave Ramsden voted for a cut for the second successive meeting). Ultimately, the decision/votes were as expected, though the rate statement’s language was largely
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UK CPI Inflation Cooled to 2.0% in May
- June 19, 2024
UK CPI Inflation Data (May) MM Headline: 0.3% (Est: 0.4%; Prev: 0.3%) YY Headline: 2.0% (Est: 2.0%; Prev: 2.3%) MM Core: 0.5% (Est: 0.5%; Prev: 0.9%) YY Core: 3.5% (Est: 3.5%; Prev: 3.9%) YY Services: 5.7% (Est: 5.5%; Prev: 5.9%) UK CPI Inflation Hits BoE Inflation Target According to the Office for National Statistics (ONS),
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US Retail Sales Softened in May; Two Rate Cuts This Year?
- June 18, 2024
US retail sales were largely negative for the month of May, exhibiting signs of a softening economy and a meaningful change in consumption. Between April and May, retail sales rose +0.1%, a print comfortably south of the +0.3% forecast but above the downwardly revised previous report of -0.2% (the prior release had noted that retail
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RBA Leaves Cash Rate on Hold and Maintains Guidance; Remains Vigilant on Inflation
- June 18, 2024
As widely expected by markets and economists, the Reserve Bank of Australia (RBA) held the Official Cash Rate (OCR) at 4.35% (12-year high), marking the fifth consecutive meeting on hold. The central bank has also left the door ajar for a rate increase should price pressures continue to rise. Rate Statement Unchanged The accompanying rate
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RBA Update: Central Bank Poised to Hold Cash Rate at 12-Year Peak
- June 17, 2024
The Reserve Bank of Australia (RBA) will claim a portion of tomorrow’s limelight during Asia Pac hours at 4:30 am GMT as it announces its fourth update this year. According to the OIS market, investors anticipate the central bank will leave the Official Cash Rate (OCR) at 4.35% (12-year high), marking the fifth consecutive meeting
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Busy Week Ahead: What Are Markets Watching This Week?
- June 15, 2024
It has been quite the month so far, with rate cuts seen for the European Central Bank (ECB) and the Bank of Canada (BoC). This week is gearing up to be another eventful calendar for policy watchers, welcoming three updates from the Reserve Bank of Australia (RBA), the Swiss National Bank (SNB) and the Bank
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ECB Cuts Key Benchmark Rates
- June 6, 2024
In a move that echoes the Bank of Canada (BoC) yesterday, the European Central Bank (ECB) has cut all three key benchmark rates today, marking its first rate cut in five years. This also followed similar decisions by Sweden’s Riksbank and the Swiss National Bank (SNB). As widely anticipated, the ECB’s rate reduction has resulted
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BoC Cuts Rates and Signals Further Easing
- June 5, 2024
As widely expected, the Bank of Canada (BoC) stepped up and reduced the Overnight Rate by 25 basis points to 4.75% today. This marks the central bank’s first rate cut in four years and highlights the first G7 country to pull the trigger and begin easing in this cycle. This also follows Sweden’s Riksbank and
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