Source: Bank of England The Bank of England’s Monetary Policy Committee on Thursday decided to keep the bank rate and bond-buying program unchanged, even as inflation is poised to temporarily breach the 2% target. The MPC unanimously voted to maintain the Bank Rate at 0.1%.The committee also decided to keep the bond-buying program at £890 billion — £875 billion for … [Read more...] about Bank of England Keeps Banks Rate Unchanged — Will Only Tighten if Inflation Target is Met
Forex News
Euro Area Economic Growth to Return to Pre-COVID Levels in Q1 2022 – ECB
Source: European Central Bank Economic activity in the Euro area could return to pre-COVID levels in the first quarter of 2022, but erasing the damages could take longer. The economy is predicted to post strong growth in the third quarter after the rebound in the second quarter.Optimism is driven by the vaccination rollout and the easing of lockdown restrictions in most … [Read more...] about Euro Area Economic Growth to Return to Pre-COVID Levels in Q1 2022 – ECB
UK Construction Growth Slows to Five-Month Low
Source: IHS Markit The expansion of the United Kingdom’s construction output slowed to a five-month low in July, as firms struggled to keep pace with the surge in demand. The headline seasonally adjusted IHS Markit/CIPS UK Construction PMI Total Activity Index stood at 58.7 in July.The latest reading is the slowest since February, following the 24-year high of 66.3 in … [Read more...] about UK Construction Growth Slows to Five-Month Low
US Crude Oil Inventory Growth Surpasses Expectations with 3.6 Million Barrels
Source: US Energy Information Administration US crude oil inventories grew more than expected in the last week of July, with the production of gasoline and distillate fuel both up for the week. Commercial crude inventories increased by 3.6 million barrels for the week ending July 30, higher than the 2.94 million barrels expected.Total inventories stood at 439.2 million … [Read more...] about US Crude Oil Inventory Growth Surpasses Expectations with 3.6 Million Barrels
US Treasury Offers $126 Billion of Securities to Clear Maturing Debt
Source: US Department of the Treasury The US treasury department will offer $126 billion of securities, with proceeds to be used to settle notes and bonds maturing mid-August. The securities include $58-billion worth of 3-year notes maturing August 15, 2024, which will be auctioned on a yield basis at 1 p.m. EDT on August 10, 2021.Another $41-billion worth of 10-year … [Read more...] about US Treasury Offers $126 Billion of Securities to Clear Maturing Debt
