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EBC Daily Snapshot May 13, 2024

EBC Forex Snapshot 13 May 2024 The dollar consolidated on Monday as a softer-than-expected US payrolls report eased concerns about resurgent price growth. Markets have priced in a 61.2% chance of Fed’s rate cuts in September. Sterling was flat after a GDP-driven rise. The UK economy grew by the most in nearly three years in Q1, while the service sector grew for the first time within a year. Speculative short position on sterling reached a 16-month high, data from the CFTC shows. Traders are betting the BOE will deliver at least two quarter-point rate cuts by the end of the year. EBC Group Brand Influence Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Group or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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Publication date:

2024-05-13 09:28:13 (GMT)

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