Thursday 6th February
TODAY’s RATES & MARKET NEWS
Spotlight on the Bank of England
· BoE Rate Decision: A 0.25% rate cut is widely expected.
· Market Focus: Forward guidance will be key in shaping GBP movement.
· Economic Outlook: Investors will watch for signals on future rate cuts and growth projections.
· GBP Impact: Any deviation from expectations could trigger volatility.
Recap
· USD Weakness: The USD index hit a one-week low as markets priced out the risk of an imminent trade war.
· Mixed US Data: ADP payrolls exceeded expectations, but softer ISM services tempered momentum.
· EUR Support: ECB’s Lane highlighted inflation risks, offering marginal support to the euro.
· JPY Gains: Strong wage data reinforced expectations of continued rate hikes, extending JPY strength.
Today’s Rates
Today's Interbank Rates at 10:25 am against GBP movement.
GBP>EUR – 1.1988
GBP>USD – 1.2420
EUR>GBP – 0.8340
EUR>USD – 1.0363
GBP>CAD – 1.7823
GBP>AUD – 1.9821
GBP>SEK – 13.581
GBP>CHF – 1.1241
GBP>PLN – 5.0400
GBP>AED – 4.5618
GBP>HKD – 9.6740
GBP>ZAR – 23.090
Today’s Key Takeaways
· BoE Decision: Markets anticipate a 0.25% rate cut, with an 8-1 MPC vote.
· Key Focus: Revised projections on growth and inflation.
· Growth Forecasts: A downgrade could lead to expectations of further cuts to 3.75% (vs. 4% currently).
· GBP Impact: Lower growth forecasts may weaken the pound
6th February 2025
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