Summer is usually the time of the year when a vast majority of people plan their vacations. And who can blame them since it's much better to spend hot, sunny days at the beach than deal with the city heat?
Revolut is a competitive money exchange and transfer service that is expanding into online banking as it started to offer virtual cards to its customers. Depending on the amount being exchanged or transferred, the fees charged may be attractive or not.
With a high public debt and deficit in France, how can right-wing and left-wing populists fulfill their promises without destabilizing the Euro?
GBP’s momentum against the USD and EUR has slowdown since inflation levels for the UK were released last week. We can now see that inflation is still growing in the service sector rather than on goods, meaning that inflation is forced more ‘domestically’, in other words on households. Policy makers mention that this type of inflation elevation is easier to control.
The major story last week was the Bank of England making it very clear that they are preparing for a rate cut in August, this caused Sterling rates to sell off a little on Thursday, the losses were then pared on Friday following positive retail sales out of the UK- which has levelled rates off again.
Core inflation numbers are released for the Euro Zone at 10am, its forecasted to attract a slight gain from 2.7% in April up to 2.9% for May. This should not have too much impact on markets as ECB decided to lower their interest rates the other week – stating that inflation levels are on a downward trajectory towards its base rate of 2%. Since ECB lowered their borrowing levels, we have seen EUR weakness against other currency pairs.
The ECB (European Central Bank) lowered their borrowing costs for the first time in five years from an all time high by 25 basis points down to 4.25%. This did not come as a shock to markets as it was an expected next step from the European Central Bank. Seeing small gains for the EUR against both GBP and USD when Thursday’s session closed.
Yesterday The Bank of Canada became the 2nd Central Bank after The Swiss National Bank to implement their first rate cut and this came after six consecutive meetings of leaving rates on hold. Their rates have been reduced by 25 basis points, down from the highs of 5% to 4.75%.
