This week, and this month, are once again showing that data is king, with investors parsing recent economic releases for clues on the likely pace of interest...
Stock market operators work at the Euronext headquarters at La Defense business and financial district in Courbevoie near ParisThis week, and this month, are once again showing that data is king, with investors parsing recent economic releases for clues on the likely pace of interest cuts at the Federal Reserve and the Bank of England.
Minds can change quickly, though. The estimated chance of a 50 bp cut fell to 36%, down from 50% just a day earlier, after the mild but potentially sticky CPI. It had risen to 71% early this month when surprisingly weak U.S. payrolls data roiled global markets across asset classes. The dollar sagged overnight against the euro to its lowest since the end of last year. Sterling was even softer, sagging some 0.5% versus Europe's shared currency.
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