Financial News

The Bank of England raised its benchmark rate to 5% amid inflation concerns; UK economy faces challenges, but traders expect further hikes.

Turkish President Erdoğan has begun his new five-year term with unresolved economic challenges. Downside risks remain for the country’s credit ratings without a sustained change in economic governance.

New Zealand trade data drew interest this morning. While the trade deficit widened, exports to China and the US provided comfort.

Major indices and precious metals are under pressure as traders bet that interest rates will stay high until the end of the year.

Retail sales rose by 1.1% and Core retail sale increased by 1.5% in April.

UK inflation figures for May just complicate the Bank of England’s Monetary Policy Committee meeting and put the UK economy at risk of a recession.

May data demonstrates positive growth in building permits, housing starts, and completions, boosting the real estate market with encouraging signs.

German producer prices fell sharply in May. Significantly, producer prices increased at their least marked pace since January 2021.

This morning, the RBA meeting minutes revealed a finely balanced June interest rate decision, raising expectations of an end to the tightening cycle.

The NAHB said US homebuilder confidence reached its highest level in a year, driven by solid demand and improved supply chains.

It is a busy week ahead, with prelim private sector numbers for June in focus. However, central banks will also be in the spotlight.

It has been a bullish week for the crypto market, which is on target to end a two-week losing streak. However, headwinds remain.

Consumer sentiment remains low by historical standards as consumers expect challenging times in the economy over the next year.

The Bank of Japan left interest rates unchanged this morning, redirecting market attention to the Bank of Japan press conference.

US weekly jobless claims steady; May retail sales rise 0.3% driven by nonstore retailers; NY manufacturing rebounds, optimistic outlook.

EUR/USD tested the 1.0850 level as traders reacted to the ECB decision.

It was a busy start to the day with economic indicators from China drawing interest. Gloomy industrial production numbers will likely concern Beijing.

U.S. dollar rallies after the Fed decision as traders focus on the changes in federal funds rate projections.

The Producer Price Index (PPI) report showed a decline in May for final demand goods prices, driven by an energy sector and gasoline drop.

New legal action by the EU against Poland highlights persistent governance challenges, which together with elevated core inflation are weakening the country’s medium-term credit outlook.