In an unprecedented move, Banco de Portugal has granted operating licenses to the local cryptocurrency trading platforms, “Mind the Coin” and “Criptoloja”. For the first time, these entities are endorsed as legitimate virtual assets service providers under the Portugal crypto license initiative.
The pound edged up against the euro after Bank of England (BoE) policymakers, including Chief Economist Huw Pill, reiterated policy will need to remain restrictive for some time.
Earlier this week, Pill had said market pricing pointing towards a first interest rate cut in August 2024 "doesn't seem totally unreasonable".
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The pound weakened against the dollar and euro today, as markets continued to digest remarks from the Bank of England's chief economist that interest rate cuts could come around the middle of 2024.
The United Kingdom's exit from the European Union (Brexit) in January 2021 was a significant event in the modern history of the UK and the EU.
The Pound has struggled to maintain any form of strength against the Euro and Dollar over the last month, with GBPEUR currently trading at 1.1450 and GBPUSD trading at 1.2130. After a dovish ECB meeting last week we saw the Euro weaken across the board, with recession expected for the Eurozone over the next few quarters- however the Pound was unable to capitalise on this weakness and the pair stayed lower after the decision.
No surprises yesterday when ECB (European Central Bank) decided to hold rates at 4.5%. President Christine Lagarde mentioned that there could be further actions in the future but that current market situation did not require monetary actions. In September we saw inflation levels drop drastically for a number of European nations.
Australia’s inflation yesterday has shown signs of a continued struggle to drop quick enough, with inflation mainly boosted by higher petrol prices, adding further fuel to the Interest Rate question for The Reserve Bank of Australia. So far, The RBA have left their rates unchanged at 4.1% for the past four months, but prior to the inflation release, markets were pricing in a one-in-three chance that rates would be raised to 4.35% in their next meeting on the 7th November.
