Daily Update - 7th February 2019
Since beginning of the year Fed made it clear that they were not sure about further rate increases, the ECB noted the need to monitor the situation and indicated that they did not want to rush to increase rates and were generally concerned about the economic slowdown. Given the Fed’s dovish stance on future rate hikes, the USD will continue to lose momentum and will be difficult for the pair to move higher The British pound is under pressure due to the weak business activity reports and a lot of headlines dealing with the Brexit uncertainty. In addition to the regular rate decision and meeting minutes, this is a “Super Thursday” in which the Bank of England also publishes its Quarterly Inflation Report. Governor Mark Carney holds a press conference after the event however growing uncertainty around Brexit overshadows everything.Yesterday’s Market
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