Currency news

CPI falls to BoE target

Head of FX Analysis at Equals Money
-
3
min read
Publish date
19/06/24
    • However services CPI remains too high to suggest an earlier rate cut
    • US observing Juneteenth so no USD same day payments today


    Yesterday's currency recap

    US retail sales came in slightly lower than expected in May suggesting that the US economy is slowing down, causing early USD gains being erased going into today's US bank holiday. GBP was broadly lower ahead of this morning's CPI number.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.68% 1.9081
    GBPCAD -0.16% 1.7407
    GBPCHF -0.70% 1.1222
    GBPDKK -0.13% 8.8172
    GBPEUR -0.10% 1.1820
    GBPJPY -0.06% 200.2940
    GBPNOK -0.75% 13.4421
    GBPNZD -0.20% 2.0681
    GBPSEK -0.49% 13.2556
    GBPUSD -0.10% 1.2691


    *Daily move - against
    G10 rates at 7:30am, 19.06.24

    ** Indicative rates - interbank rates at 7:30am, 19.06.24

    Upcoming speeches

    • None today.

    What we think

    UK CPI numbers fell in line with expectations with the headline number down to the BoE target of 2%. Core CPI also fell, to 3.5%. However services CPI remains sticky only declining to 5.7%. Market pricing on rate cuts still suggests either a September/November rate cut. GBP slightly higher on the day on the basis that services CPI didn’t fall as much as expected.

    Nothing in the diary for the rest of the day and worth noting the US is observing a bank holiday so no same day value on USD payments.

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    About the author
    Thanim Islam
    Profile
    Head of FX Analysis at Equals Money

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