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Market Update-4th July 22
Submitted by rates on Mon, 07/04/2022 - 13:30
GBP/USD dropped below 1.2000 for the second time in June, however it has managed to
recover back above 1.2000 by Friday last week. Both USD/CAD are being restrained by
higher oil prices and USD/JPY are declining on broader risk aversion. The European Central
Bank (ECB) are trying to balance the surging inflation and the need to raise the rates
because of this. ECN are likely to raise the rates by 0.25% in September due to inflation
slowing down materially. Despite the news on inflation, the Euro finished last week towards
the bottom end of the recent range, while EUR/USD briefly slipping as low as 1.0365, before
closing the week with a rate above 1.1600. After a quiet proceeding,, the volatility of
GBP/EUR is increasing substantially due to fears of imminent recession. Despite fears over a
cooling global economy and worries about the UK economy, the pound has managed to
finish on a soft note although it looks vulnerable to change towards the downside.
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