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EBC Daily Snapshot Jul 11, 2024

EBC Forex Snapshot 11 Jul 2024 The dollar dipped on Thursday after Fed Chair Jerome Powell indicated in his testimony that the central bank is getting closer to cutting interest rates but wants to see further declines in inflation. Sterling rose to its highest in four months, after data showed the UK economy grew more quickly than expected in May, which would lower the chances of an August rate cut. BOE Chief Economist Huw Pill said that that services inflation and wage growth still “point to an uncomfortable strength in those underlying inflation dynamics,” which may indicate a reluctance to move just yet. EBC Financial Market Forecast 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 Economic Research Findings or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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Publication date:

2024-07-11 16:29:47 (GMT)

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