Source: Bank of England The Bank of England hiked its bank rate and agreed to cut down on its bond-buying program, in effort to rein in on inflation. EWU is down 0.40%, while EZU is down 2.23% premarket. The Monetary Policy Committee increased the bank rate by 0.25 percentage points to 0.5%, with five members voting in favor and four voting against.The members in the … [Read more...] about BoE Hikes Bank Rate to 0.5%, Eases Bond-Buying Program
Forex News
Eurozone Wholesale Prices Jump 26% in 2021 as Energy Costs Soar
Source: Eurostat Producer prices in both the eurozone and the European Union closed in 2021 with slower growth, but the full-year climbed by double-digits. EZU is down 2.23%, while VGK is down 1.03% premarket. Industrial producer prices in both territories grew by 2.9% in December, higher than the eurozone’s 1.8% and the European Union’s 2.0% in the past month.Prices in … [Read more...] about Eurozone Wholesale Prices Jump 26% in 2021 as Energy Costs Soar
Eurozone Economic Output Cools to 10-Month Low
Source: IHS Markit The eurozone economic growth slowed to a 10-month low in January, dragged by the impact of the COVID-19 omicron variant. EZU is down 2.23%, while VGK is down 1.03% premarket. The IHS Markit Eurozone PMI Composite Output Index stood at 52.3 in January, lower than the 53.3 in December. This is the weakest growth since March 2021.The decline reflects a … [Read more...] about Eurozone Economic Output Cools to 10-Month Low
UK Services Firms Hike Prices at Fastest Rate Since 1996
Source: IHS Markit British service companies have increased their prices at the fastest rate in 25 years as rising energy bills, and transport costs increased the cost of living. FTSE 100 down -0.13%, GBP USD down -0.13% The IHS Markit/CIPS Purchasing Manager’s Index (PMI) grew to 54.1 in January from December’s 10-month low of 53.6. Any score above 50.0 signals … [Read more...] about UK Services Firms Hike Prices at Fastest Rate Since 1996
American Crude Oil Inventories Decline as Gasoline, Distillate Fuel Production Slip
Source: EIA Crude oil inventories in the United States retreated in the past week, even as both refinery inputs and imports increased during the period. Commercial crude oil inventories fell by 1.0 million barrels to 415.1 million barrels in the week ending January 28, 2022. This is 9% below the five-year average.Increases were reported in the inventories of motor … [Read more...] about American Crude Oil Inventories Decline as Gasoline, Distillate Fuel Production Slip
