Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World
Global
Americas
United States
Canada
Mexico
Europe
Euro Area
United Kingdom
Asia Pacific
China
Japan
Australia

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Analysis
Blog
Views
Calendar

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

GBP

26 Jun 2023

Veni, Vidi, Retreat-y

This weekend’s baffling march on Moscow by the Wagner Group of mercenaries ended without any appreciable impact on global energy prices or broader financial markets. Both the West Texas Intermediate and Brent crude benchmarks are essentially unchanged, equity futures look incrementally softer, and the VIX “fear index” is holding near Friday’s post-pandemic lows. The yen is modestly stronger after Japanese officials stepped up currency jawboning efforts last night, with Masato Kanda, Vice Minister of Finance for International Affairs, warning that exchange rate moves had become “one-sided” and that he wouldn’t “rule out any options” in dealing with it – language that has...

Read More Read More
25 Jun 2023

Recession risks rattle markets

• Global worries. PMI data underwhelmed reinforcing recession concerns. Equities & bond yields fell, while the USD has strengthened.• AUD pressure. The backdrop has weighed on the cyclical AUD. Locally, the CPI indicator (Weds) & retail sales (Thurs) can influence RBA rate hike expectations.• Central bankers. Fed Chair Powell, ECB President Lagarde, BoE Governor Bailey, & BoJ Governor Ueda speak on Wednesday. Risks markets remained under pressure at the end of last week as global recession concerns rattled nerves. Weekend geopolitical developments in Russia is another thing to add to the ‘worry wall’. Economically, the June business PMIs for the...

Read More Read More
23 Jun 2023

Risk appetite falls on accumulating evidence of global economic slowdown

The dollar is staging a broad-based recovery this morning after a raft of purchasing manager surveys showed activity slowing sharply across a range of global economies. Data published by S&P this morning provided evidence of decelerating growth in Australia, Japan, the UK and the euro area, with the all-important services sector joining manufacturing in showing signs of strain in every major country. In the euro area, the headline purchasing manager index dropped to 50.3 in June from 52.5 in the prior month, narrowly avoiding contraction and hitting a five-month low as the strike-plagued French economy deteriorated and the German factory sector remained depressed. European yields fell...

Read More Read More
22 Jun 2023

Hawks in the BoE nest

• Hawkish surprise. BoE delivered a 50bp hike. At 5% the BoE bank rate is at its highest since early-2008. High inflation points to more hikes to come.• Markets thinking ahead. UK long-end bond yields & GBP dipped as the negative economic impacts of higher rates start to become more of a focus.• Firmer USD. US yields & the USD rose. AUD slipped back further. Weaker global growth is a negative backdrop for risk sentiment & the AUD. Central banks remain laser focused on breaking the back of high/sticky inflation, with growth considerations still down the pecking order. Overnight, the...

Read More Read More
22 Jun 2023

Markets weaken as Bank of England delivers another hawkish surprise

The British pound is consolidating gains after the Bank of England joined its Commonwealth counterparts in wrongfooting markets with a bigger-than-expected half-point hike at this morning’s meeting. Responding to “material news” of an acceleration in wages and consumer prices, the Monetary Policy Committee voted seven to two in favour of raising rates to the highest levels since 2008, with Governor Bailey saying “Bringing inflation down is our absolute priority”. From today’s 5 percent, traders now expect the Bank Rate to peak above 6 percent in early 2024. This should, in theory, generate a lot of carry support for the pound – speculators...

Read More Read More

About

Contact

Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.