Sterling ends the week up on most currencies

USD retreats after some stability in the banking sector..
 
"The Euro area banking sector is resilient" were the remarks made by the ECB yesterday, after hiking the expected 50bp figure. Important comments in what has been a crazy week on financial markets. The Central Bank was steadfast in defending its financial system and went on to say it has 'strong capital and liquidity to support if needed'. 

The Euro was overall weaker yesterday though, after the bank refused to commit to future rate hikes as it has done in recent months. It wasn't helped by a major downgrade in inflation figures over the next few years in comparison to the earlier projections; 2023 - 5.3% v 8.4%, 2024 - 2.9% v 6.3%, 2025 - 2.1% v 3.4%

The numbers are significant in that there is light at the end of the tunnel on red-hot inflation. However, the Euro is weaker because of the news, as it seems interest rates won't need to continue on its hawkish path any longer. Remember, higher interest rates are meant to be a direct correlation to how well an economy is performing.

11 US banks have steadied global stock markets by injecting $30bn into First Republic bank (the next lender bank tipped to collapse). A show of banking solidarity is most welcome to all markets, especially with the rescue package being led by heavyweights in the industry such as JP Morgan, Citi, BoA, Well Fargo & Goldman Sachs.
Image Image
Governing Bodies and Registrations

Excel Currencies are a fully Authorised Payment Institution with the UK Financial Conduct Authority. ( Ref: 911228) and HM Revenue & Customs (MSB No: 12190705) as a Money Services Business. Excel Currencies ltd are also members of the UK Money Transfers Association (MTA) and the Association of International Property Professionals (AIPP).

Security of Funds

Excel Currencies ltd operate a Safeguarding Client Account System which protects all funds in these accounts against any liabilities that Excel Currencies ltd may have.

Excel Currencies Ltd, Enterprise House, 8 Essex Road, Dartford, Kent DA1 2AU

Registered in England and Wales, No. 05171054

Copyright © Excel Currencies Ltd 2023. All Rights Reserved.

Help Options Available

Contact Us

Live Chat OFF Live Chat ON