Money News Overview Friday 20th October 2023: FX majors continue trading in narrow ranges

Yesterday’s macro calendar was heavily focused on the United States. There were some mixed findings in terms of data. The weekly unemployment claims figure came in somewhat higher than expected.

The main emphasis of yesterday’s US macro diary was Fed Chair Powell’s speech at the Economics Club of New York. His remarks were mainly neutral in tone. They imply that a rate hike in November is unlikely.

Powell did, however, indicate in the Q&A that he did not believe policy was overly tight at the present. Overall, his words support the idea that interest rates would remain higher for longer.

The announcement of lower-than-expected UK retail sales for September this morning has offered a negative start to the day for sterling. The rest of today’s macro schedule is quite calm on both sides of the Atlantic.

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