A very quiet start to the trading week this morning. No market moving news over the weekend and nothing really scheduled for today. It's looking like the FED's interest rate decision on Wednesday is the big look out with analysts expecting the rate to be raised 0.75% to 2.5% which is extremely significant.
To illustrate how quiet the markets are the business headlines today have reference to football kits and delays in the production and distribution of said garments. Not ground breaking.
Most rates are tracking sideways right now such as GBP/USD, GBP/EUR, EUR/USD and GBP/AUD. It looks like a global news story will be needed in the next 24 hours to shake things up a bit. However with Summer holidays now in full flow the markets sometimes settle down for the next few weeks.
GBP rates seem to be fairly unaffected by the race for Prime Minister. It looks almost nailed on that ex Chancellor, Rishi Sunak, will eventually be in number 10. However there's a way to go yet so let's see how it pans out.
Today’s Economic Calendar
US: 16:30 Short Term Treasury Bill Auction
As ever we look forward to keeping you in the loop and look out for our next update.
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