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US inflation responds to hawkish Fed

Today's news headlines:

‘Nasdaq rallies more than 20% from recent lows after US inflation eases’. Wednesday’s US consumer price data in the US was a light at the end of the tunnel for the world’s largest economy. It showed no inflation increase on a month-on-month basis in July, contrasted with the 1.3% rise we saw the month previously. The Nasdaq Composite has experienced a 20.7% increase since the lows hit in June, prompting speculation that the Federal Reserve will be tempted to dial down its aggressive rate policies, having delivered consecutive interest rate hikes of 75 basis points over the summer. Despite the data offering a more positive outlook on the US economy, the inflation benchmark remains well above the Fed’s 2% target. (Financial Times)

‘’Gutsy’ Liz Truss is a potential nightmare for Labour, say party strategists’. In a poll by Redfield & Wilton Strategies this week which questioned the public on who would make the better prime minister, former chancellor Rishi Sunak fell short of Kier Starmer by six points while foreign secretary Liz Truss enjoyed a three-point margin above the Labour leader. According to some of the Labour party’s leading strategists, the conservative leadership favourite is gutsy, a strong communicator, and could be an economic ‘nightmare’ for the opposition party. Should she become the next UK Prime Minister, Starmer will oppose Truss by dismantling her economic strategy, which he believes will not be focused on helping the most vulnerable people in the country but rather on large-scale borrowing and inflation control. (Financial Times)


This morning the preliminary UK GDP quarter-on-quarter report showed a marginal contraction in economic activity of the country. Meanwhile, US stocks and the US Dollar Index saw some appreciation overnight. Asian stocks are up as Treasury yields dip, and brent oil rose by 50 cents a barrel overnight.


UK preliminary GDP q/q: -0.1% vs 0.8% previously
UK Construction Output m/m: -1.4% vs 1.8% previously
UK Manufacturing Production: -1.6% vs 1.7% previously
EU French final Consumer Price Index m/m: 0.3% vs 0.3% previously
US preliminary UoM Consumer Sentiment: 3:00PM

Interbank rates:

GBP/USD: 1.2205
GBP/EUR: 1.1830
EUR/USD: 1.0310
USD/CAD: 1.2745

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