Global Reach is becoming Corpay Cross Border, part of FLEETCOR, to broaden our client offering. Please contact our team or visit to find out more.

Time to open the spigots

Today’s news headlines:

‘Bank of England forecast to unleash at least £100bn extra stimulus’. This Thursday, the Bank of England policymakers are meeting to discuss their next policy decision, which many expect to be more quantitative easing. Having long resisted negative interest rates, the Monetary Policy Committee is expected to leave the benchmark rate at 0.1% but increase stimulus to the tune of £100bn. (Financial Times)

‘Powell warns of "significant uncertainty" over US recovery’. Testifying to Congress, Federal Reserve Chairman Jerome Powell poured cold water on upbeat market expectations—stemming largely from the Non-Farm Payroll uplift reported on the June 5th—stressing that the risk of a viral resurgence will limit an economic rebound. He also stressed that the crisis has further widened wealth inequality because it impacted lower-income households most keenly. (Financial Times)

Today's events, rates, and data 

  • The potential for additional central bank stimulus is at war with the various geopolitical concerns, like concerns of a viral resurgence in the US and China and the conflict between India and China.   Economic data remains an afterthought, trailing behind the larger focus on stimulus. Chairman Powell might cause some more waves when he continues his testimony this evening.

Today's events

UK Consumer Price Index: 0.5% vs 0.8% last month
UK Producer Price Index Input: 0.3% vs -5.5% last month
UK Retail Price Index: 1.0% vs 1.5% last month
CA Consumer Price Index: 1:30PM
US Fed Chairman Powell Testifies: 5:00PM
NZ GDP: 11:45PM
AU Employment Change: 2:30AM

Interbank rates:

GBP/USD – 1.2565
GBP/EUR – 1.1135
EUR/USD – 1.1280
USD/CAD – 1.3525