24th July

Top Currency Pairs Monday 24th July 04:00 UTC GBP/USD: 1.28617 (Last Week: 1.30883) EUR/USD: 1.11255 (Last Week: 1.12270) GBP/EUR: 1.15606 (Last Week: 1.16579) Market News

Pound Sterling The British Pound seems to be under pressure after it was revealed last week that UK inflation rates had fallen substantially in June. Moreover, the coming week could see these recent losses reverse, or accelerate. A series of major data events this week and their respective outcomes will bolster market expectations regarding the outlook for interest rates in major economies, a key driver of foreign exchange market movement and risk sensitive currency like the British Pound.

Euro The Euro held its ground this morning as market participants look to Thursday’s European Central Bank meeting where policy members are set to increase interest rates by 25-basis points. However, with such a hike largely priced in, it’s the associated comments from ECB President Christine Lagarde that the market is waiting for, in particular, the signal she sends for the September meeting with eurozone inflation still considerably above the central bank’s target.

U.S. Dollar The U.S. dollar edged lower in early European hours this morning, but losses are minimal as traders await signals from a string of central bank meetings this week, with the Federal Reserve, in particular, in the spotlight. The Fed is still widely expected to hike rates by 25-basis points, but whether it will signal more rate hikes this year remains to be seen.

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