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In focus today In the US, February durable goods orders will be released. In the evening, the Fed’s Musalem will be on the wires. In the UK, the day is packed with action. We get inflation data for February, where focus is on the momentum in core services, which continues to prove remarkably sticky. In […]

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25/03/2024

Sunset Market Commentary

Markets The yuan’s sharp rebound this morning triggered some attention, if only because other news was so limited today. USD/CNY shot up last Friday on signals that Chinese authorities loosened their grip on the 7.2 handle it defended for several months. Clearly they weren’t expecting nor hoping for such an abrupt move. Such large fluctuations […]
27/01/2024

Bank of England Preview – Topside Risk to EUR/GBP as BoE Removes Tightening Bias

We expect the Bank of England (BoE) to keep the Bank Rate unchanged at 5.25% on 1 February, which is in line with consensus and current market pricing. Overall, we expect the MPC to deliver a dovish tilt to its guidance coupled with a downward revision to its inflation forecast. We expect EUR/GBP to move […]
16/12/2024

Sunset Market Commentary

Markets Slightly better-than-expected December EMU PMI’s showed business activity decreasing for the second month running. The rate of contraction was slower than in November though (49.5 from 48.3). A modest return to growth of services (51.4 from 49.5) was unable to erase the continuing downturn in manufacturing (45.2; unchanged). As has now been the case […]