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%.

You might think that the concept of withholding tax is too complex and varies too drastically across different countries. However, by comparing the systems in Saudi Arabia and the US, we can break it down into more understandable components.

During the crypto industry's growth, a new type of digital coin, stablecoins, emerged - a cryptocurrency with a fixed value.

There are several kinds of such "stable" cryptos, and Tether is the first.

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Pound Sterling exchange rates have had a very good month in May, considering news of a UK election coming in July, the volatility has very much been swayed in favour of Sterling, which has given us a positive start to June. June will be an interesting month with plenty of data releases to keep us busy- we also have interest rate decisions from the UK, U.S and Europe, with Europes cut already priced in, if we see a cut from either the BoE or the Fed, this will definitely add more volatility into the market.

Eurozone Consumer Confidence edged slightly higher for May’s reading yesterday, from -14.7 to -14.3. It was in line with expectations but more importantly reflected the smallest extent of pessimism by consumers since the start of Russia’s invasion in February 2022. This has been partly driven by inflation finally slowing, as well as growing expectations of an imminent interest rate cut by The European Central Bank next week.

Sterling has recently held on steady against the EUR and as no economic data releases today that should have an impact on the GBP/EUR rate, eyes are now on tomorrow’s core inflation and inflation levels being released in Europe. Recent trajectories suggest that inflation levels will increase for May. From an economic standpoint this scenario is never a promising sign for a central bank – seeing economic growth slowing down and seeing a turn of increasing price levels.