By Neofytos Hadjineofytou
Market Update 08/02/2023
Today traders and investors are awaiting the market reaction in the US since Jerome Powels speech yesterday had a hawkish tone. Jerome Powel clearly acknowledges the progress of inflation, yet he clearly stated that further hikes will be necessary as he and the Federal reserve believes that bringing inflation back to 2% is a long way ahead
On that note
European markets open higher today, a reaction that can be credited to Powels’s speech yesterday, Keep in mind that tomorrow the Monetary Policy report hearing from the UK is scheduled. The Governor of the BOE and several MPC (monetary policy committee) members will speak about inflation and the economic outlook before Parliament’s Treasury Committee, a week after the recent interest hike in UK and a day before the GDP data release. Volatility can occur before and after hearing.
As we said 2 days ago on Monday, this will be an interesting week in the financial markets so stay tuned!
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