Despite some buoyant UK data releases yesterday, in the construction surveys and more importantly British Retail Sales last month, it has done little to help The Pound as this morning we’ve seen further losses against both EUR & USD.
Since the end of last week GBP has lost battles against its peers, noticing big losses against both the EUR and USD. Yesterday and in this morning session, we have seen continuation of concerns for the GBP against the USD.
Last week ended in a pretty explosive way after fewer jobs were added in the U.S than expected last month. Unemployment rose to 4.3%- essentially showing that the Fed has been behind the curve with interest rates and is clearly pretty late to the party- with the first cut expected in September, markets are now pricing in 100bps of cuts by the Fed in 2024- some even calling for emergency intervention.
BOJ (Bank of Japan) raised interest rates for its second time of 2024, first one taking place back in March. Economically it’s a very different situation to the likes of BoE and Federal Reserve. Japan’s new interest rate moved from 0.1% to 0.25%, the highest it has been in 15 years.
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Yesterday witnessed GBP poorest daily performance against the EUR since back in April. Recent earning reports across the globe, including UK entities – has shown a slow down in performance and markets are more prominent that Bank of England will be forced to lower their interest rates at their meeting next week.
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Yesterday we saw the Bank of Canada cut their interest rates by 25 basis points for a second consecutive month, bringing their policy rate down to 4.50% in line with expectations.
