GBP: The British Pound is largely subdued this morning amid an ongoing lull in fresh UK data. With macroeconomic releases in short supply, shifting BoE interest rate cut speculations impact GBP movement once again. Investors are split on the chances of another rate reduction by the BoE a month from now, after it kicked off a rate-cutting campaign earlier this month in a close-call decision.
EUR: The Euro is up around 2% against the U.S. Dollar this month and is on course for its strongest monthly performance since November. However, the euro is facing headwinds amid signs of decelerating price pressures in the Eurozone’s largest economy. In fact, the eurozone consumer price index was confirmed at 2.6%, indicating that inflationary pressures remain subdued.
USD: The U.S. Dollar slipped lower yesterday, falling close to seven-month lows amid growing conviction that the Federal Reserve will cut interest rates in September. The Fed has maintained its benchmark interest rate in the current 5.25%-5.50% range since last July, and investors have fully priced in a 25-basis point rate cut from the Fed in September.
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