Money News Overview Thursday 8th February 2024: Policymakers speeches are the centre of attention today

Last night the USA released their latest Monetary Policy Statement, as expected the interest rate has stayed the same, markets are growing increasingly confident that a rate cut in September could be on the cards.

Global markets are off to a cautious start today as there is no economic data being released this morning, therefore focus will shift to policymaker’s speeches.

The European Central Bank, Bank of England and US Federal reserve all have members speaking today. Investors will keep a close eye on the comments of the central bank speakers to understand their stances on interest rate cuts.

Inflation is descending throughout the world; however central banks need to remain firm on their outlook for future rate cuts to guarantee inflation reaches its target level of 2 percent.

This afternoon in the US, the number of people who have filed for unemployment benefits is forecasted to come in at 220k.

 UK business confidence achieved a 2-year high this month. Furthermore, the UK PMI release earlier this week, showed that the services sector expanded at the fastest rate in 8 months. These are all signs of a positive UK economy, and they have supported the Pound against the Euro this week.

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