11th April 2018-ECB looking to scale back balance sheet

 
     

ECB looking to scale back balance sheet.

ECB governing council member Nowotney has furthered the calls for the ECB’s scaling back of their balance sheet and claims that the new normal for monetary policy is now characterised by longer inflationary lags. He went on that a scaling back of their balance sheet and rate hikes will not necessarily go hand in hand. Nowotney has also admitted that the central bank do not have an exchange rate goal.

Following MPC member Ian McCafferty’s comments yesterday evening sterling has spiked against both the euro and USD, McCafferty has been quoted as saying the Bank of England ‘mustn’t dally over rate hikes’.

According to a CBI survey, British businesses are in favour of keeping many EU rules in place. Whilst it is believed that agriculture, shipping and tourism would benefit from new laws, many manufacturers are keen to keep our laws in line. BMW, the owner of MINI has said that it is vital for car makers to have a “seamless flow” of goods across borders. A divergence in rules would likely see the UK become less competitive on the continent and likely have a negative impact on sterling.

Cable has traded above 1.42 for only the 4th time this year due to the ongoing trade spat with China teamed with McCafferty’s comments we can expect this year’s high of 1.4260 to be tested in the coming days.

     
 
       
 

GBP/EUR 

– 1.1475

 
 

GBP/USD

– 1.4199

 
 

GBP/CHF 

– 1.3616

 
 

GBP/JPY 

– 151.93

 
 

GBP/AUD 

– 1.8328

 
 

GBP/NZD 

– 1.9286

 
 

GBP/CAD

– 1.7905

 
 

GBP/ZAR 

– 17.1017

 
 

GBP/NOK 

– 11.0460

 
 

GBP/SEK 

– 11.7863

 
 

EUR/USD 

– 1.2364

 
       
  All rates are indicative of interbank rates*  
       
 
 

GBP/EUR

 
 

GBP/USD 

 
 

EUR/USD 

 
       
 
   

09:30 GBP

Manufacturing Production m/m

0.2%

0.1%

 
   

12:00 EUR

ECB President Draghi Speaks

-

-

 
   

13:30 USD

US CPI m/m

0.0%

0.2%

 
   

19:00 USD

FOMC Meeting Minutes

-

-

 
 
   
 
 
*All rates shown are indicative of interbank rates and should only be used for indication purposes only. It is important to note that foreign exchange rates fluctuate and that rates may vary depending on the amount and the base currency that is purchased or sold. Rates are correct as of 8:00am UK time.  CentralFX are not responsible for the rates shown.
 
 
 

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