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Market Update - 05.07.2023

Pound, Euro and Dollar in summer showdown

Most of the big news lately came from the little Portuguese town of Sintra.

Each year Sintra plays host to the ECB Forum on Central Banking.

Basically, the super nerds soak up the sun while discussing interest rates and inflation.

As we enter the second half of 2023, what have we learnt?

The Bank of England chief believes the market is wrong that inflation will be “short-lived” ie don’t expect rate cuts any time soon.

The European Central Bank hinted at another rate rise this month and rolled out its usual cliches about inflation being “too high”.

US Fed Chief, Jerome Powell, said he was “not averse” to interest rate hikes at their next two meetings.

All in all, they kind of cancelled each other out with their tough talk.

Despite a bit of choppiness lately, the Pound still looks to be in a medium-term uptrend against the Euro and Dollar.

We have warned that all currencies are hyper-sensitive to inflation news right now.

So what next, what should you do?

As always, we are on the look-out for the best opportunities.

To discuss your requirements, you can speak to us on 01872 487 500.

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Current rates: 

Wednesday 5th July 2023 at 11:50

£1.00 GBP = 1.1675 EURO

£1.00 GBP = 1.2702 USD

£1.00 GBP = 1.9071 AUD

£1.00 GBP = 2.0548 NZD

£1.00 GBP = 1.6882 CAD

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