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Currency Market Update - 27th March 2023

Currency Market UpdateLast week was pretty jam-packed as far as announcements were concerned with the Fed and the BoE both raising interest rates by 25bps. For both central banks, it is still unclear what the forward guidance is- but with inflation still being an issue I would still not rule out further hikes over the year.

Over the weekend, Janet Yellen had closed-door discussions with the major banks in the U.S due to continuing concerns about the banking sector as a whole- it is unclear at this stage what was discussed and what will come of it, but it seems the U.S Government is concerned about the banking system and are taking steps to resolve problems.

With it being the last week of the month and quarter and financial year- we have not got many data releases, but I would expect volatility in the markets as the week progresses. On the economic calendar we have BoE Governor Bailey speaking on Monday which could give us an idea of the BoE’s thoughts for the coming months after a rate rise last week- with inflation still rising in the UK it is possible we see another hike in May.

The main data releases of interest are both the U.S and UK’s GDP releases- the U.S is expected to show growth of 2.7% alongside growing jobless claims- the UK is expected to show growth of 0.4% which will be welcome news as though it is low it is a lot better than a minus number.

Over the next few weeks we will be speaking to clients about their plans and exposure for the new financial year- if you would like to pencil in a call please don’t hesitate to contact us.



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