UK Inflation hit 6.2%, a 30 year high. The main contributors to inflation rising were a surge in prices of Fuel and food. Household Energy bills have increased by 25% by a year ago and forecasts suggest inflation is on the path to hitting 10% in the coming months.
Uncertainty. If there’s one word to describe the sentiment of FX and global asset markets right now that is it.
A quick recap of last week. We saw the Fed raise rates to 0.5% and the Bank of England follow suit raising rates to 0.75% both events widely anticipated by markets and priced in.
This week we have seen markets show their full strength as we saw both the Fed and the BoE hike rates by 0.25% in attempts to battle inflation in both economies. Yesterday we say the Bank of England hike rates by 25 bps with an overall official vote of 8-1, in favour of the hike and the 1 official in favour of an unchanged rate for the bank.
Yesterday evening saw the first of 2 Central Bank policy meetings with The Fed Reserve moving forward with a rate rise of 25 bps, the first rate hike taken by The Fed since 2018.
The British pound fell to a 16-month low against the U.S. dollar, ahead of monetary policy updates from the Bank of England and Federal Reserve later in the week.
Sterling slipped to a 16-month low today against the safe-haven U.S. dollar and is heading for its third consecutive weekly decline as stronger-than-expected UK economic growth did little to support the pound.
Few were in favor while the majority of the population stood against cryptocurrency back in 2008 when the concept of digital currency was in its nascent stage. Aside from the few proponents (they are millionaires today) of the crypto industry, worldwide governments & financial institutions didn’t anticipate that the prominence of digital currency link will spread like a wildfire.
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