centralbanks
The Swiss National Bank announced on Thursday morning that it would be cutting interest rates to 1.25%, a further decrease of 25 basis points. This is mainly due to the central bank anticipating that although inflation did increase slightly in April, coming up to 1.4% in May, it is now expected to come down to about 1.3% for the rest of the year, as inflationary pressures reduce. Furthermore, if interest rates remain constant at 1.25%, the central bank also conditionally expects inflation in 2025 to touch 1.1% and in 2026 to come down once more to 1%. Regarding their interest rate decision tod...
Euronews (English)
Today, the European Commission’s Eurostat data centre revealed the latest CPI inflation readings for inflation for the Euro area. The EU annual inflation rate rose by 0.1 percentage points in May 2024 to 2.7%, marking the first increase since December 2023. Previously, the April 2024 month-over-month for EU CPI was at 2.6%. For May 2024, the annual inflation rate was at 2.6%, up 0.2% from April 2024, with its reading of 2.4%. Exceeding expectationsForecasts from analysts for EU CPI month-over-month figures were broadly at 2.6% for May 2024. If this were to be the case, it would mean that the s...
Invezz
The World Bank announced on Tuesday in its latest Global Economic Prospects report that it expects the gross domestic product (GDP) in the United States to grow by 2.5% in 2024. This marks a significant increase from the January growth projection of 1.6%, highlighting the continued robust expansion of the US economy. Global economic outlook improvedThe global economy is anticipated to rise by 2.6% this year, an upgrade from the 2.4% forecast in January. The World Bank explained in its report, Global growth is envisaged to reach a slightly faster pace this year than previously expected, due mai...
Invezz
Big European banks have been experiencing robust growth due to a resurgence in deal-making and high investment banking revenue. The Euro Stoxx banking index (SX7E) is up 19%, while the Euro Stoxx 600 Index (SXXP) rose nearly 9% this year. The index has also beaten its US peer, the SPDR Select Sector Fund (XLF), which climbed 9% year-to-date. The primary reason that led the sector to outperform was major big banks' first-quarter earnings topped a low bar of market expectations, which may also provide opportunities for further valuation upgrades. However, the imminent EU Parliamentary Elections ...
Euronews (English)
The USD/INR exchange rate dived hard on Monday morning ahead of the official Indian election results scheduled on June 4th. The pair slumped to a low of 83, its lowest level since March 20th. It has dropped by 85 basis points from its highest point this year. India election results and RBI decisionThe Indian rupee will be in the spotlight this week as India concludes its election and as the Reserve Bank of India (RBI) delivers its interest rate decision. Exit polls show that Narendra Modi will likely be declared the country’s president for the third term. There are signs that he will reach the...
Invezz
The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
Invezz
Two important pieces of evidence have been published, today and yesterday, adding weight to the case that the EU will begin interest rate cuts as soon as next month. Today, the European Commission published both its latest Euro-area GDP figures, and its Spring Economic Forecast, entitled ‘A gradual expansion amid high geopolitical risks’. European Commission’s forecastIn its forecast, the commission spoke on interest rates, saying that: Expectations for imminent and decisive rate cuts across the world have been pared back in recent weeks. In the euro area, where the European Central Bank last ...
Invezz
Poland's central bank is expected to keep interest rates unchanged at 5.75% for the seventh consecutive meeting, a Bloomberg survey of 27 economists has revealed. Central Bank Governor Adam Glapinski said last month that he would not cut borrowing costs, citing concerns about a potential rise in inflation because of higher food taxes and the potential removal of energy price limits. Poland's annual inflation rate fell in March, dropping to 1.9% from the previous month's 2.8% and beating market expectations of 2.2%. However, the Monetary Policy Council (MPC) highlights "substantial uncertainty"...
Euronews (English)
The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
Invezz
A more bankless society is on the horizon, where self-custody and innovative technologies grant individuals greater control and efficiency. Gnosis Pay's VISA debit cards, linked to a self-custodial wallet, not to a bank deposit, is the latest case in point, showcasing a move toward more independence from traditional banks and bank deposits. The banking industry, led by giants like JP Morgan, is at a crossroads, facing the dawn of the web3 era. While JP Morgan's recent exploration of deposit tokens represents a nod to the future, it predominantly aims to cement the status quo, preserving the he...
Euronews (English)
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