Tag Archives: USD

GBP

Yesterday saw Rishi Sunak secure the most votes in the second round of voting among Tory MPs with 101 votes, with Penny Mordaunt coming second.

Trade Minister Penny Mordaunt comes second with 83 votes, while Foreign Secretary Liz Truss places third again with 64.

Attorney General Suella Braverman finished last and was eliminated from the contest.

USD

Financial markets’ attention will continue to be fixated on the US where a barrage of fresh economic data releases is due today.

Forecasts are expecting headline sales to bounce back at a month-on-month pace of 0.8% following the 0.3% dip seen in May.

Some of the other US economic reports that will be published today include a preliminary reading on consumer confidence and inflation expectations for July, as well as import price and industrial production data for June.

EUR

The latest economic forecast released by the European Commission offers a pessimistic outlook of the times that lie ahead: prices in the eurozone will climb an average of 7.6% in 2022, while the whole EU will see a stronger surge of 8.3%

inflation across the European Union will remain extraordinarily high for the remaining of the year, keeping households and companies under long-term financial strain.

Italy’s president rejected the resignation of Prime Minister Mario Draghi yesterday after a day of political drama that threatened to bring down a national unity government that has been in office less than 18 months.

Draghi, the former European Central Bank (ECB) president, announced he was to resign yesterday after the 5-Star Movement, a coalition party, failed to back him in a confidence vote over his plan to combat soaring prices.

If you or your company are impacted by currency risk please reach out to speak to one of our experts, we can assist with decision-making during this difficult time to help you protect your profits.

GBP

Yesterday evening, Former finance minister Rishi Sunak won the biggest backing from Conservative lawmakers as the first vote to choose who will succeed Boris Johnson as party leader and British prime minister started.

Meanwhile, two more candidates were eliminated. Nadhim Zahawi, who took over as finance minister from Sunak last week, and former foreign minister Jeremy Hunt were knocked out after failing to get the required minimum of 30 votes.

USD

The U.S. Bureau of Labor Statistics released Consumer Price Index data for June 2022. U.S. annual consumer prices jumped 9.1%, the largest increase in more than four decades.

The bigger-than-expected rise in the year-on-year consumer price index reported by the Labor Department yesterday also reflected higher prices for a range of other goods and services, including motor vehicles, apparel and household furniture. The CPI increased by the most in nearly 17 years on a monthly basis.

EUR

Yesterday saw the euro fall below the dollar for the first time in nearly 20 years as the war in Ukraine and growing concern about rising recession risks in the euro area continued to battle the single currency.

The euro started this year on a strong note given a post-pandemic economic recovery. But a conflict between Russia and Ukraine, surging European gas prices and fears that Moscow could cut off supplies completely have hurt the single currency by raising the possibility of a recession.

If you or your company are impacted by currency risk please reach out to speak to one of our experts, we can assist with decision-making during this difficult time to help you protect your profits.