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The European Central Bank (ECB) may draw funds from its Enhanced Repurchase Facility (EUREP) starting in the fourth quarter of 2026.The Bank of England: In the three months to July, businesses expect their prices to rise by 3.9% over the next year, down 0.2 percentage points from the figure reported by businesses in the three months to June.July 24th - In the early hours of July 24th, a tropical depression east of the Philippines strengthened into Typhoon Noul, the 12th typhoon of the year. It is expected that Noul will move west-northwest at a speed of 25-30 kilometers per hour, gradually intensifying and further increasing its impact on the waters off Guangdong Province. Based on the relevant provisions of the "Guangdong Maritime Safety Administrations Emergency Response Plan for Tropical Cyclones," and after assessment, the Guangdong Maritime Safety Administration has decided to activate a Level I emergency response for tropical cyclones at 14:00 on July 24th. All relevant units are requested to strictly adhere to the typhoon prevention plan and resolutely implement all preventative measures to ensure maritime traffic safety.The preliminary figures for the UKs July manufacturing and services PMIs will be released in ten minutes.July 24th - A monthly survey released by the European Central Bank (ECB) on Friday showed that consumers expect prices to rise by 3% over the next year, down from 3.5% in May. The three-year inflation expectation indicator, more important for monetary policy, fell to 2.8% from 2.9%. The survey was conducted from June 4th to 29th, when the US and Iran signed a memorandum of understanding following a ceasefire. However, the ceasefire did not last, and hostilities resumed this month. Another ECB survey of professional forecasting agencies released on Friday showed that market expectations for inflation remained largely unchanged compared to the first quarter, but expectations for economic growth in 2026 were almost halved.

GBP/USD aims to retake 1.2300 amid an upbeat market sentiment, with US/UK Inflation in the spotlight

Daniel Rogers

Dec 13, 2022 15:11

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After dipping as low as 1.2260 during the Tokyo session, GBP/USD demand has increased. The Cable is attempting to reclaim the round-level resistance of 1.2300 as investors' risk appetite has risen significantly ahead of the release of U.S. inflation data.

 

The US Dollar index (DXY) has fallen below the round-level support of 105.00 as investors' pre-US inflation jitters have dissipated. S&P500 futures are maintaining their gains from Monday due to expectations of a drop in inflationary pressures. The anticipated change in the Federal Reserve's (Fed) interest rate policy has reinforced optimism on a broader scale.

 

The street anticipates a reduction in the US Consumer Price Index (CPI), driven by a decline in gasoline costs and consumer-inflation estimates for one year. The Federal Reserve Bank of New York's monthly Survey of Consumer Forecasts reported on Monday that US consumers' one-year inflation expectations decreased to 5.2% in November from 5.9% in October, the greatest one-month reduction on record. Inflation expectations have consequently decreased to 7.3% for headline inflation and to 6.0% for core inflation.

 

On the British Pound front, investors anticipate the release of the United Kingdom Employment and CPI numbers on Tuesday and Wednesday, respectively. The quarterly Unemployment Rate (October) is anticipated to be 3.7%, up from the previously reported 3.6%. Aside from this, the statistics on Average Earnings is the most relevant aspect. Quarterly Average Earnings without Bonuses were anticipated to increase by 5.9% compared to the preceding announcement of 5.7%.

 

While it is anticipated that the headline rate of inflation in the United Kingdom would decline to 10.9% from 11.1%, as previously reported. As a result of the food supply issue, labor shortages, and growing input costs, food price inflation has soared. Investors should not overlook the possibility of an unforeseen inflation spike.

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