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Live: BoE kept rates unchanged at 5.25%, Governor Bailey explains the decision
The Bank of England left rates steady at 5.25%, as expected. The British Pound fell with the news, as two of the MPC voting members opted for a rate cut. Fears of recession diminish as BOE upwardly reviewed growth forecast. Less loosening at sight.
EUR/USD extends weekly decline, approaches 1.0700
EUR/USD grinds lower and nears 1.0700 in European trading hours. The US Dollar takes modest advantage of a mixed sentiment and the absence of relevant macroeconomic news. An uptick in government bond yields provides additional support to the Greenback.
FXS SIGNALS
Deeper dive
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture.
Building the future
There is a construction boom underway that is quietly transforming the production capabilities and other aspects of the US economy. The fastest-growing category within nonresidential construction in recent years has been manufacturing.
Addressing the public debt challenge in the EU
Recently an agreement has been reached between representatives of the European Council, the European Parliament, and the European Commission on a new economic governance framework.
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REAL-TIME RATES
CRYPTO KEYS
VanEck launches MarketVector “MEMECOIN” index to track BONK, FLOKI, DOGE, PEPE, WIF and SHIB tokens
While Bitcoin ETFs track BTC price, $90 billion asset manager VanEck has launched a separate index, christened MEMECOIN, to track the performance of the sector’s best and worst performers.
Ethereum could experience bullish run, ETH ‘ultrasound’ money narrative at risk
Ethereum price action on Wednesday shows it could be gathering momentum for a rally as a recent report from CryptoQuant reveals its ultrasound money narrative is at risk.
President Biden threatens crypto with possible veto of Bitcoin custody among trusted custodians
Joe Biden could veto legislation that would allow regulated financial institutions to custody Bitcoin and crypto. Biden administration’s stance would disrupt US SEC’s work to protect crypto market investors and efforts to safeguard broader financial system.