Daily Market Update 15/05/2023

Key Points:

•            Dollar has first positive week since February

•            Pill calls “turning point” for inflation

•            Debt ceiling talks resume tomorrow


USD continued to gain on Friday as markets remained cautious about the US debt ceiling going into the weekend.

BoE chief economist Huw Pill gave a clear sign on Friday that the BoE may be looking to pause on future rate hikes after he stated that inflation has hit a “turning point” and is likely to slow.


The US debt ceiling remains a big factor in how USD is likely to perform this week as well as a host of Fed speakers. Fears of a US default as well as rhetoric from Fed speakers that they do not see interest rate cuts this year will likely be supportive of USD. The latest on the debt ceiling will see Joe Biden meeting with Kevin McCarthy and other congressional leaders tomorrow to avert a default.

For the UK this week, focus will fall on Tuesday’s wage and job numbers. Higher wages remain a concern for the BoE in their battle against inflation and further rises in wages will likely add to the belief that interest rates may have to rise further – which of course will likely be GBP-supportive.

From the eurozone this week, the first estimate of economic growth is due out on Tuesday followed by inflation numbers on Wednesday. Today sees the EU Commission’s economic forecasts on growth and inflation.

Equals Market Analysis– 15th May 2023

Today’s Market Rates

Today’s Interbank Rates at 08:56 am against GBP movement.

GBP>EUR – 1.1479

GBP>USD – 1.2483

EUR>USD – 1.0875

GBP>CAD – 1.6860

GBP>AUD – 1.8658

GBP>SEK – 12.981

GBP>AED – 4.5817

GBP>HKD – 9.7860

GBP>ZAR – 23.790

GBP>CHF – 1.1191

Today’s Speeches

•    GBP: BoE Huw Pill

•    EUR: ECB Nagel

•    USD: Fed Bostic and Kashkari


This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information, or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.


Looking for a money transfer service? Request for a call today!

Leave a Reply

Your email address will not be published. Required fields are marked *