Market insights

Market Comment - 11th May 2023

Good morning,

US inflation came in in line with expectation at 5.5% annualised growth whilst Chinese inflation came in closer to zero at 0.1% annual growth. This didn't have a huge effect on global rates.

GBP/EUR has moved into a sideways trajectory ahead of the UK's interest rate decision at early lunch. Analysts are predicting a 0.25% hike to 4.5% and for the monetary policy committee to vote in favour of the hike 7 in favour to 2 against. Any numbers outside of this could have a drastic effect on Pound rates.

This data is followed by a speech by the Bank of England Governor, Andrew Bailey. In the past couple of months it's been his scheduled speech that has had the most effect on Sterling rates.

In the US there's a decent bit of news out too. There's initial jobless claims followed by a speech from the FED.

Outside of this a couple of members of the ECB are also giving speeches through the day.

If that wasn't enough for the Pound there's a huge amount of UK data out at breakfast tomorrow morning. The headline is the preliminary GDP number out where economists are expecting quarter on quarter growth of 0.1%. There's also industrial and manufacturing production along with the trade balance.

Business news concentrates on the upcoming interest rate decision.

Get your free quote now

Economic calendar

UK: 12:00 BoE Interest Rate Decision

UK: 12:00 MPC Vote Count

UK: 12:00 Monetary Policy Summary

UK: 12:30 BoE's Andrew Bailey Speech

EUR: 13:00 ECB'S Isabel Schnabel Speech

US: 13:30 Initial Jobless Claims

US: 15:15 FED's Christopher Waller Speech

EUR: 18:30 ECB's Luis De Guindos Speech

UK: Friday 07:00 Preliminary GDP Data

UK: Friday 07:00 Industrial and Manufacturing Production

UK: Friday 07:00 Trade Balance

As ever we look forward to keeping you in the loop and look out for our next update.

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Open a free account

It is free and easy