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Pound Drops Sharply - MI220324

Yesterday saw a difficult day for the Pound.

Whilst the Bank of England kept the base rate at the expected 5.25%, the MPC vote count moved slightly towards future rate cuts.

This immediately caused the Pound to drop against most major currencies such as the Dollar and the Euro.

The lack lustre consumer confidence numbers in the early hours won't have helped either.

Today it's going to be all about the Dollar.

There's a raft of speeches from the FED with the highlight being the speech from the Chair of the FED, Jerome Powell.

Business news continues the vein of UK rate cuts. The Governor of the Bank of England, Andrew Bailey, commented that "we are on the way" to rate cuts and that the first cut could happen even before inflation reaches the 2% target.

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Economic calendar

US: 13:00 FED's Jerome Powell Speech

US: 16:00 FED's Michael Barr Speech

US: 20:00 FED's Raphael Bostic Speech

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

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