17/03/2023 – Exchange Rates

  • Posted by currencies in Rate Alerts
  • March 17, 2023
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Pound Sterling continued to gain against the Euro after the ECB raised rates as expects but were not clear on the direction going forward.

In the UK today the only bit of data to be released is the quarterly Bank of England/Ipsos Inflation Attitudes Survey which will provide an update on latest household inflation expectations.

Some other recent surveys have pointed to a moderation in both near- and longer-term expectations. For the BoE/Ipsos survey, median inflation expectations have been particularly elevated one year ahead, although it did edge down slightly in the last report to 4.8%

In the Eurozone, the final reading for February CPI is expected to come in as expected, showing a marginal fall to 8.5% from 8.6% in January.

A concern for the European Central Bank (ECB) is that underlying core CPI, excluding food and energy, continued to rise to a record high of 5.6% from 5.3%.

The big question over in the USA is whether the Fed will raise its interest rates again next week.

 It now appears that any hike seems more likely to be limited to 25bp rather than 50bp which had been on the table following hawkish remarks from Fed Chair Powell last week before the rise in market volatility.

Today’s US data includes industrial production and the University of Michigan consumer sentiment survey. We look for a rise of 0.5% for February industrial production, but a slight fall in consumer sentiment in March after recent increases.

GBP/EUR 1.1405 GBP/USD 1.2135 GBP/AED 4.4484
GBP/AUD 1.8124 GBP/CHF 1.1260 GBP/CAD 1.6655
GBP/NZD 1.9439  EUR/USD 1.0619 GBP/ZAR 22.187

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