Market Insight 19-06-2024

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  • Market Insight 19-06-2024


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.


  • No speeches scheduled for today.

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.