Money News Overview Thursday 12th October 2023: Euro and sterling gain ground against the dollar

US Consumer Confidence Rises as UK Inflation Concerns Persist

Today’s macro calendar is busier. Already this morning we have got UK GDP for August. Its rose by 0.2% m/m, which was in line with expectations. Later today, we get US CPI figures for September. 

Meanwhile, the release of the Fed’s September minutes provided no significant fresh insight into monetary policy.

The Fed maintained a hawkish tone at the meeting, leaving rates unchanged in a target range of 5.25-5.50%.However, a number of FOMC members have become less hawkish about the need for future rate hikes in recent days.

The European Central Bank will disclose the minutes of last month’s policy meeting, in which interest rates were raised for the tenth time in a row, but the ECB also hinted that it might be the last.

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