Risk aversion is intensifying as US stocks tumbled significantly overnight, following First Republic Bank's earnings report, which reignited concerns about the broader banking sector. The troubled regional bank's shares plummeted by nearly half. Concurrently, bonds surged higher, pushing 10-year yield below 3.4% handle. Japanese Yen and Swiss Franc surged following the shift in sentiment, trailed by Dollar.
In an interview on the "Beyond Unprecedented" podcast produced by Columbia University's law school, BoE Chief Economist Huw Pill reiterated the central bank's official forecast, stating that some factors maintaining high inflation are likely to recede in the upcoming months and that inflation could fall below the 2% target in the next few years.
GBP/USD steadiness around 1.2410-15 heading into Wednesday’s London open as bears take a breather after cheering the biggest daily slump in a week. In
British wages rose faster than anticipated last month, in a move that economists judge may tip the Bank of England towards a further rise in interest rates next month, despite an unexpected increase
British wages rose faster than anticipated last month, in a move that economists judge may tip the Bank of England towards a further rise in interest rates next month, despite an unexpected increase