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GBP

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...

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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...

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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...

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21 Jun 2023

Another BoE rate hike expected

• Mixed markets. Equities lower. US yields little changed but European yields rose. Fed Chair Powell reiterated that 2 more hikes is a “pretty good guess”.• Hot UK inflation. UK core inflation at its highest since 1992. Bank of England set to hike again tonight. The debate is on the size of the move.• AUD mixed. AUD hovering near ~$0.68. AUD has lost ground against the EUR & JPY over the past few days. External headwinds still in place for the AUD. Mixed fortunes across markets overnight. Equities were a bit weaker, with the tech-focused NASDAQ underperforming (S&P500 & EuroStoxx50...

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21 Jun 2023

Markets retreat ahead of Powell testimony

In a return to the “good news is bad news” dynamic that drove price action through the post-global financial crisis years, markets are back in risk-off mode this morning. Data out yesterday showed US housing starts jumped in May by the most since 2016, providing more evidence of underlying resilience in the world’s largest economy – while also making additional rate hikes more likely. The dollar is higher, yields are flat, and commodity-linked currencies are down across the board. Jerome Powell is expected to deliver a hawkish message when he appears in front of the House Financial Services Committee this morning. Last week’s “dot...

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