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On August 11, US President Trump stated on Monday that he and Federal Reserve Chairman Warsh have only had one "brief" conversation since Warsh took office, denying reports of frequent communication between the two. White House National Economic Council Director Hassett stated last week that the two "frequently discuss economic issues," but other sources familiar with the matter said their calls are irregular and infrequent. Earlier reports indicated that Trump had communicated with Warsh multiple times since Warshs confirmation as Fed chairman in May, inquiring about Warshs forecasts and views on the economic outlook. Trump reiterated his desire to lower interest rates but stated that he "100% supports" Warsh, emphasizing that Fed policy is decided jointly by the Board of Governors.The Dow Jones Industrial Average closed down 61.30 points, or 0.11%, at 53,975.63 on Monday, August 10; the S&P 500 closed down 4.62 points, or 0.06%, at 7,753.02 on Monday, August 10; and the Nasdaq Composite closed down 85.26 points, or 0.32%, at 26,605.36 on Monday, August 10.August 11th - U.S. stocks closed Monday with the Dow Jones Industrial Average down 0.1%, the S&P 500 down 0.06%, and the Nasdaq Composite down 0.32%. Apple (AAPL.O) fell 1.5%, SpaceX (SPCX.O) rose 4%, SK Hynix (SKHY.O) fell 1.9%, and Intel (INTC.O) fell 4%. The Nasdaq China Golden Dragon Index closed up 1.65%, and Alibaba (BABA.N) rose 3%.US President Trump: I spoke with Federal Reserve Chairman Warsh a few days ago.Colombias national oil company, Ecopetrol, stated that crude oil production, refining, and fuel supply were not affected by the earthquake.

The EUR/GBP is fluctuating close to 0.8750 as focus shifts to UK inflation and BoE policy

Alina Haynes

Mar 20, 2023 13:22

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The EUR/GBP pair is exhibiting a lackluster performance around 0.8750 during the Asian session. As investors prepare for the release of the Bank of England's (BOE) interest rate decision and the United Kingdom's Consumer Price Index (CPI) this week, the cross has moved sideways.

 

Despite the fact that the headline asserts that UBS has revitalized Credit Suisse, the cross appears to be weak. Credit Suisse shareholders will receive one share of UBS for every 22.48 Credit Suisse shares they own, valuing the bank at $3.15 billion (£2.6 billion), according to BBC News. The Swiss National Bank (SNB) stated that the agreement was the most effective means of restoring market confidence and mitigating economic risks. Additionally, the BoE endorsed the "comprehensive set of actions."

 

The consensus opinion on the street is that Governor Andrew Bailey of the Bank of England (BoE) will provide a pessimistic outlook for the interest rate decision amidst concerns of banking turmoil, which will be his top priority.

 

Rabobank analysts also anticipate a 25 basis point (bps) rate hike and caution that the market has not fully factored in this scenario. Andrew Bailey, governor of the Bank of England, would raise rates by 25 basis points to 4.25 percent.

 

Prior to that, the UK inflation data released on Wednesday will be attentively monitored. The annual headline CPI is expected to decline from 10.1% to 9.8%, according to projections. At 5.8%, the core CPI, which excludes the cost of fuels and food, would not change. It should be aware that persistent inflation in the United Kingdom is due to rising food prices and a labor shortage.

 

After the European Central Bank (ECB) raised interest rates by 50 basis points (bps) last week, Gediminas imkus, a member of the ECB Governing Council, stated on Friday that "the terminal rate has not yet been reached" For further deflation, extremely persistent inflation in the Eurozone requires higher interest rates.


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