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Market Reports

8:41am, September 19th 2019

Fed cut rates, greenback strengthens as stocks fall…

Yesterday the Fed took the widely predicted option and cut interest rates by 0.25%, pushing the target range down to 1.75% – 2%. This is the 2nd time the Fed have lowered rates this year and have done so in consecutive months. Once again, the justification stemmed from an insurance move against a global slowdown mixed with various issues such as trade unease and Brexit. Jay Powell was a little less dovish than some had expected and, as a result, the market has now become more skeptical about the prospect for further rate cuts. As a consequence, the greenback rose while stocks fell…

The pound was trading just below the $1.25 level heading into yesterday’s meeting but moved sharply lower as participants weighed up the initial announcement and determined it more hawkish than expected. The GBPUSD pair made easy work of pushing down to $1.2450 before finding some buyers. As the greenback strengthened across the board, global stocks fell as the requirement for more dovishness was not met. Powell’s performance was more assured than usual and a final few dovish comments helped markets marginally reverse their initial moves.

Today’s highlight is the Bank of England monetary policy announcement. No action is expected to be taken. Participants will simply monitor the accompanying statement and minutes and decide whether they’re positive or negative for the pound.

Written by Viv Savani. 8:41am, September 19th 2019

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.

Previous Reports

8:21am, January 31st 2020

Bank of England maintains interest rates, GBP moves higher…

View Report
8:45am, January 27th 2020

Busy week on the economic calendar…

View Report
8:23am, January 28th 2020

Risk-off flows dominate as financial markets fear the wider impacts of Coronavirus…

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