Market Insight 17-05-2024

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  • Market Insight 17-05-2024


The USD rebounded yesterday after four days of consecutive losses, prompted by a reduction in initial jobless claims from the previous week. Both GBPUSD and EURUSD reached the highs observed in April before easing off. Fed officials Loretta Mester and Raphael Bostic reiterated the need for patience and maintaining higher interest rates for now. Despite this, market expectations continue to lean towards a 0.25% rate cut in November, followed by another in December.


  • EUR: ECB Guindos, Vujcic, Holzmann
  • GBP: BoE Mann
  • USD: Fed Waller, Kashkari

Market Insight:

A quiet day is expected with only the final inflation figures from Europe due out today, likely resulting in limited market impact. Numerous central bank speakers are also scheduled, but given the current market stability regarding interest rates, significant effects are not anticipated. Overall, market stabilisation is expected today. Next week’s key data will shift focus to GBP with the release of inflation figures, which will be crucial in assessing the likelihood of a June rate cut. For the USD, the next significant data point will be the core PCE inflation numbers due in two weeks.