Will Sterling rise or fall following the ECB decision?
Will Sterling rise or fall following the ECB decision?
Today, the currency markets await a key decision from the European Central Bank. The Central Bank for the Eurozone will meet for their latest interest rate and monetary policy meeting. Currently, interest rates sit at 4.5% and inflation levels remain high in the Eurozone. The ECB have been raising interest rates for more than a year in attempt to bring inflation under control.
An interest rate rise could lend support to the value of the euro, where a pause could cause euro weakness. EURGBP sits close to 5-month highs at the moment which represents opportunity for euro sellers.
Market analysts are expecting the ECB to keep rates steady. However, the currency markets will watch closely for any suggestion of future policy. The ongoing crisis in the Middle East presents an inflationary risk so the bank may leave the door open for future hikes.
In the US, we will see the release of durable goods orders, GDP data and initial jobless claims. GDP data is expected to rise to 2.5% vs the last reading of 1.7%. Strong GDP data may increase expectations of another interest rate hike from the Federal Reserve next Wednesday. An interest rate rise in the US would strengthen the dollars position against the pound and the euro. The dollar is currently benefiting from a reduction in risk-appetite caused by the Middle East Crisis.
This afternoons session could be volatile so please reach out to me directly on +44 204 506 5672 or [email protected] for further expert guidance on currency transfers.
The post Will Sterling rise or fall following the ECB decision? appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2023/10/will-sterling-rise-or-fall-following-the-ecb-decision/
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