Data drought with no clear direction, ahead of BoE
Thursday 9th May 2024
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There wasn\u2019t any tier one data overnight to give markets any clear direction. You could say there was an air of subduedness. The Riksbank cut rates, as suggested yesterday, but one ECB member is concerned that going too early, against a Fed that keeps rates on hold longer, could drive the Euro lower and add to inflation concerns. NAB\u2019s Gavin Friend says the problem emerges after one or two cuts, alongside a Fed that\u2019s not moving. So what\u2019s the Bank of England\u2019s strategy? August seems the most likely month for a cut, says Gavin, but we\u2019ll find out more at the meeting and the press conference that follows.
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