Forex Top Team

UK Inflation Slows, Low Rate Cut Expectations for Tomorrow, U.S. Markets Closed Today

Today lacks significant events apart from the UK inflation data. The UK Consumer Price Index (CPI) confirmed a slowdown to a 2.0% annual increase, as expected. Service inflation slowed to 5.7% from 5.9% but remains high. Expectations for a rate cut by the Bank of England (BoE) at tomorrow’s Monetary Policy Committee (MPC) meeting remain low, with a 50% chance for August and a 90% likelihood for September.

Post-UK inflation data, South African CPI (May), retail sales (April), Eurozone current account (April), and several U.S. housing indices are expected, though their market impact seems limited.

Today is Juneteenth, a holiday in the U.S., keeping NY markets closed. NVIDIA’s market cap recently surpassed Microsoft’s, sparking interest in tech stocks.

Speeches from ECB officials and the release of the Bank of Canada’s meeting minutes are also on the agenda.

After UK CPI and PPI met expectations, buying interest was observed. Now moving to sell EUR/GBP.

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12th in July 2024, Today’s Options

EUR/USD: EUR amounts 1.0650: €1.8 billion 1.0690: €1.1 billion 1.0695: €873 million 1.0700: €896 million 1.0800: €1.7 billion 1.0850: €2.4 billion 1.0900: €934 million USD/JPY:

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