By Neofytos Hadjineofytou
Market Update 09/02/2023
GBP
Monetary Policy Report Hearings
BoE Governor along with some Members of the Monetary Policy committee testified before the Parliament’s Treasury committee, their testimony revolved around inflation and the economic outlook.
As expected Volatility was experienced, Governor Bailey said in his open remarks that:
- Inflation is expected to come down rapidly this year. We have a tight labor market.
- Recession is milder than appears or would be milder than projected
- I anticipate an extended period of weakness in the UK economy.
The Governor and the MPC sounded cautious and optimistic in a soft manner, he also gave hints of another rate hike I.e another increase on the interest rate.
EUR
Day 1 Of the Leaders’ Summit and EU Economic Forecast
The Euro Summit brings together the heads of state or government of the euro area countries, the Euro Summit President, and the President of the European Commission. Euro Summit meetings provide strategic guidelines on euro area economic policy.
USD
Unemployment claims – Number of people filled for Unemployment
It is the earliest economic indicator for the US economic with a tendency to change on a weekly basis, However the data released is an important signal of overall economic health because it is associated with consumer spending and in return correlated with the labor market
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