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Market Reports

5:57am, October 28th 2022

ECB Hike 75 Basis Points

No surprises yesterday with the European Central Bank increasing its main refinancing rate to 2%. This takes rates to the highest levels since 2008 and should begin to materially tighten financial conditions across the eurozone.

Yesterday’s press conference from Madame Lagarde was on the dovish side. The central banker hinted that rate rises would not be as frequent and aggressive and that the ECB may be approaching what they deem to be the ‘neutral level’, where rates are neither accommodative nor restrictive. From this point, they will become data-dependent, offering flexibility to the central bank which finds itself in a tough position given the ongoing war in Ukraine and tensions with Russia.

The euro lost value in the wake of the event. EURUSD fell through parity and traded as low as $0.9950. GBPEUR edged higher towards the €1.16 handle. Regardless of yesterday’s developments, it’s clear the US dollar is still the driving force across markets. After a few days of weakness, participants are waiting to see if this week’s moves are the start of a larger move or simply some profit-taking before a continuation of the upward trend in the buck.

Have a great weekend.

Written by Viv Savani. 5:57am, October 28th 2022

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

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