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BoE in focus

Today's news headlines: 

‘UK exporters get more than £12bn in government financial aid’. UK Export Finance granted the largest financial support package to British exporters in the last 30 years in the year to March, as Brexit and pandemic pressures mounted. Red tape and rising costs have plagued small businesses since the UK formally left the EU in 2020. More than 549 companies have been aided by the scheme, with companies such as EasyJet, Ford and British Airways all receiving some support. UKEF has since launched a new campaign to provide loans to businesses willing to take advantage of the new trade agreements after Brexit with an 80% guarantee that costs will be covered. (Financial Times)

‘Bank of England under pressure to show it can keep lid on inflation’. All eyes are on the Bank of England this week as pressure mounts to begin tightening monetary policy. Two interest rate hikes by the end of 2023 were announced by the Federal Reserve last week, adding to this pressure. UK inflation spiked in May to 2.1% above the BOE’s target of 2.0% and well above the February reading of 0.4%. The Monetary Policy Committee faces the tough decision on whether to continue to be indifferent regarding inflation or address the pressures and give an indication of the Bank’s potential positioning on interest rates. (Financial Times) 

Today's events, rates, and data 

  • The S&P 500 closed 0.51% higher yesterday as Jerome Powell’s testimony on the Covid-19 Pandemic boosted markets. Cable has settled above the $1.39 level with little reaction to Powell’s testimony. EUR/USD has also remained relatively stable above $1.19. 

Today's events

Japan flash Manufacturing PMI: 51.5 vs 53.0 last month
French flash Manufacturing and Services PMI: 8:15AM
German flash Manufacturing and Services PMI: 8:30AM
Eurozone flash Manufacturing and Services PMI: 9:00AM
UK flash Manufacturing and Services PMI: 9:30AM
Canada Retail and Core Retail Sales m/m: 1:30PM
US flash Manufacturing and Services PMI: 2:45PM

Interbank rates:

GBP/USD – 1.3946
GBP/EUR – 1.1695
EUR/USD – 1.1924
USD/CAD – 1.2316

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.