Fed sees hiking slowdown
Today's news headlines:
'Most Fed officials seek to slow pace of interest rate hikes soon'. Minutes from the Federal Open Market Committee's meeting in November made clear that a slower pace of interest rate hikes will be warranted at the central bank's next meeting in December. A 50-basis point hike is now the consensus move, with terminal rates forecast to tip 5% in the middle of 2023. We also got an indication of policymakers' opinions about a US recession; these odds now stand at 50-50. The Dollar sold off following the release, with the DXY Index trading close to its three-month low. (Bloomberg)
'Ofgem urged to force UK energy companies to have internal auditors'. Following the collapse of over 30 energy companies, the UK's National Audit Office has called on Ofgem to implement regulations and in-house auditors to help mitigate certain risks. Supplier failures also increase the cost for the consumer as bankruptcy proceedings, and the absorption of loss-making firms inevitably put pressure on the customers' pockets. (Financial Times)
Stocks advanced on Thursday on news that the Federal Reserve is looking to slow its pace of monetary tightening. The Dollar declined, with Cable hitting its highest level since August. Sovereign bond yields are lower across the board while oil continues its decline.
Japan flash Manufacturing PMI (Nov): 49.4 (est. 50.9)
German ifo Business Climate (Nov): 9:00AM
Monetary Policy Committee Member David Ramsden speaks: 9:45AM
Monetary Policy Committee Member Huw Pill speaks: 10:30AM
UK CBI Industrial Order Expectations (Nov): 11:00AM
Monetary Policy Committee Member Catherine Mann speaks: 1:45PM
US Thanksgiving Holiday: All day
GBP/USD – 1.2073
GBP/EUR – 1.1592
EUR/USD – 1.0415
USD/CAD – 1.3354
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*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.