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Slowdown to come?

Today's news headlines:

‘Eurozone inflation falls more than expected to 10%’. For the first time in 17 months, the Eurozone Consumer Price Index has fallen in the year to November, easing pressure on the European Central Bank to continue aggressively increasing interest rates. Despite two consecutive 75 basis point hikes in recent meetings, economists believe that slowing inflation could indicate a modest 50 basis point increase at the next ECB meeting in two weeks’ time. The biggest factor for Eurozone inflation hitting the 10% mark was energy price growth dropping to 34.9% down from 41.5% in October, slightly outweighed by a rise in food, alcohol, and tobacco inflation to 13.6%. (Financial Times)

‘Jay Powell signals Federal Reserve will slow pace of rate rises next month’. Following four consecutive 75 basis point hikes, Federal Reserve Chair Jerome Powell has indicated that the US central bank is in a position to start slowing the pace of its interest rate rises in an otherwise hawkish speech yesterday. In a change of tone, Powell went on to say that the Fed would not give up its fight against inflation until inflationary pressure had fallen to its two percent target, referring to the central bank’s next meeting in mid-December. (Financial Times)


After a particularly dovish speech from Jerome Powell yesterday, investor’s will be looking out for the US PCE inflation readings this afternoon for a fresh sense of direction as to what the Federal Reserve is planning for its December meeting. The Core PCE Price Index is currently sitting at 0.5 percent for October and a marginal decrease is forecasted by markets. Final Manufacturing PMI releases throughout the morning will also give some much-needed insight into the state of the manufacturing industry throughout Europe.



Swiss CPI m/m (November): 0.0% vs 0.1% previously
Eurozone Final Manufacturing PMI: 9:00AM
UK Final Manufacturing PMI: 9:30AM
Eurozone Unemployment Rate (October): 10:00AM
US Core PCE Price Index m/m (October): 1:30PM
FOMC Member Michelle Bowman speaks: 2:30PM
US ISM Manufacturing PMI (November): 3:00PM 

Interbank rates*:

GBP/USD: 1.2100
GBP/EUR: 1.1575
EUR/USD: 1.0445
USD/CAD: 1.3415


Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.