ECB set to slash rates on Thursday, focus on forward guidance. But will the BoC take the lead when it meets on Wednesday? US jobs report eyed on Friday as Fed unyielding on cuts.
might extend some output reductions into 2025. The ECB meets on Thursday for its June policy decision and is widely expected to cut its three main lending rates by 25 basis points. This would take the deposit rate down to 3.75%, widening the differential with the Fed funds rate, which currently stands at a range of 5.25%-5.50%. The euro has been surprisingly resilient against all the rate cut speculation, staging a rebound even as a June move became increasingly baked in by the markets.
meets, busy week for the Aussie The decision by OPEC and non-OPEC countries on output levels will greet markets on Monday as the cartel is scheduled to hold online meetings on Sunday. Reports suggest that the oil alliance will extend the voluntary cuts of 2.2 million barrels per day into the second half of 2024 while the pledges by all
members to restrict output by 3.66 million bpd could be stretched into 2025. Oil prices haven’t been impressed by the rumours but an agreement that takes the cuts into next year would be positive for the outlook. Elsewhere, the Australian dollar will be on standby for the latest domestic GDP readings on Wednesday. Australia’s economy has been steadily losing steam over the past few quarters and it’s expected that GDP growth held at a meagre 0.2% q/q in Q1.
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