Broader price pressures are being experienced and now the major concern for many homeowners is their increasing mortgage repayments. UK households are still grappling with the cost-of-living squeeze even though energy prices have turned lower. Such an upward revision is likely to keep the pound supported versus its G7 peers, it may not necessarily contribute to strong sterling moves. Rates markets now envision that the Bank of England (BoE) will be forced to hike interest rates to a mammoth 6.5% in an attempt to bring down relentless, widespread price pressures in Britain. EUR/GBP: Downtrend continues as markets price in 6.5% terminal rate for the BoE
Looking closer into the data a lot of the increase was due to large-scale orders of ships, spacecraft and military vehicles with the rest of the sector languishing behind. One standout was the German industrial orders which improved 6.4% month on month in May despite a forecasted figure of 1% expected. Retail sales in the Eurozone during the month of June was flat despite forecasts of a modest 0.2% improvement while German construction PMI moved sizeably lower during the same period. The economic situation in Europe continues to deteriorate as the latest data points: Eurozone retail sales and German construction PMIs disappoint. Get My Guide Euro Fundamental Data Fails to Impress
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