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GBP

08 Sep 2022

Market Briefing: Dollar Rally Pauses as Global Policy Landscape Shifts

The dollar is pausing for breath after stampeding through global financial markets for more than a week. The euro, pound, and yen are exhibiting signs of stability ahead of a central bank decision in Europe, fiscal intervention in the UK, and a senior-level policy meeting in Japan. The European Central Bank is expected to raise all three of its benchmark rates by 75 basis points, tightening policy aggressively as it moves to keep inflation expectations under control. The euro could remain weak as investors focus on painful price pressures and looming recessionary threats, with the central bank’s updated projections for...

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07 Sep 2022

Market Briefing: Dollar Keeps Winning Reverse Beauty Contest

The dollar is continuing its untrammelled rise this morning, crushing its developed- and emerging-market peers alike as the US reprises its role as a rock in a sea of economic troubles. As Europe faces an energy shock, China slows, and falling commodity prices weigh on emerging market growth prospects, the American economy – with its voracious consumers, incredibly profitable corporate sector, and aggressively hawkish central bank – is drawing financial flows from the rest of the world, further widening performance gaps. The yen is trading near new post-1998 lows, ignoring fresh intervention warnings from the government. Chief Cabinet Secretary Hirokazu...

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06 Sep 2022

Market Briefing: Dollar Weakens as Market Mood Brightens

With a refreshing long weekend behind them and back-to-school lunchboxes (lovingly packed by their moms) sitting on their desks, traders are tiptoeing into markets in a cautiously-optimistic manner this morning. Yields are falling, futures on most major equity indices are in the green, and the dollar is weakening as risk appetite improves. The Australian dollar remains on the defensive after the Reserve Bank of Australia lifted its cash rate target by half a percentage point for the fourth consecutive time, continuing the most aggressive monetary tightening cycle in decades as it struggles to bring inflation under control. Central bankers hinted...

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05 Sep 2022

Market Wire: Euro Tumbles as Russia Confirms Political Motivations for Gas Shutdown

European natural gas prices jumped more than 35 percent and the euro slid this morning after the Kremlin appeared to confirm that gas flows through the Nord Stream 1 pipeline would not resume until Western sanctions were lifted. The Financial Times and the Interfax news agency quoted Russian press secretary Dmitry Peskov saying, “The problems pumping gas came about because of the sanctions western countries introduced against our country and several companies. There are no other reasons that could have caused this pumping problem”. Russian energy giant Gazprom had previously claimed increasingly-frequent shutdowns were technical issues, resulting from an inability...

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17 Aug 2022

Market Briefing: Markets Fade Ahead of Potentially-Sobering Fed Minutes

Investors are bracing for hawkish language when the Federal Reserve releases minutes from its recent policy meeting this afternoon. Equity futures are under pressure, ten-year Treasury yields are ticking higher, and the dollar is inching forward against most of its major rivals. Inflation in the United Kingdom hit 10.1 percent in July, up from a year-over-year pace of 9.4 percent in June as surging food and energy prices cut living standards. Data released by the Office for National Statistics this morning showed the fastest increase in headline consumer prices in more than four decades, paired with a much hotter-than-expected rise...

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