06/02/2025
Summary:
US retail sales for May were slightly below expectations, indicating a potential slowdown in the US economy. As a result, early gains in the USD were reversed ahead of today’s US bank holiday. The GBP also declined ahead of this morning’s CPI data release.
Speeches:
Market Insight:
UK CPI figures met expectations, with the headline rate dropping to the BoE target of 2%. Core CPI also decreased to 3.5%, though services CPI remains stubbornly high, falling only to 5.7%. Market projections still indicate a possible rate cut in September or November. The GBP saw a slight increase due to the smaller-than-expected decline in services CPI.
There are no further events scheduled for today, and it is important to note that the US is observing a bank holiday, which affects same-day value for USD payments.