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From: Dealing Team <dealing@capitexgroup.com>
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Date: Mon, 27 Jul 2026 08:18:53 +0000
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Central-Bank Collision Course: A Defining Week for GBP=2C EUR and USD
Key Highlights
* Geopolitical relief weakens the dollar: A pause in US-Iran hostilities h=
as pushed oil prices sharply lower=2C easing inflation concerns and suppor=
ting both sterling and the euro at Monday=E2=80=99s open. GBP and EUR were=
approximately 0.2% and 0.3% stronger against USD=2C respectively.
* Sterling enters a crucial Bank of England week: The BoE is widely expect=
ed to leave Bank Rate unchanged at 3.75%=2C but its vote split=2C inflatio=
n projections and guidance on future tightening could produce significant=
GBP volatility.
* The Federal Reserve remains the dollar=E2=80=99s main catalyst: No immed=
iate rate change is expected on Wednesday=2C although markets will scrutin=
ise the statement and press conference for evidence that persistent inflat=
ion could justify a later increase.
* Growth and inflation data will test the euro: German and euro-area GDP a=
nd inflation figures will indicate whether the region can absorb elevated=
energy costs without suffering a sharper slowdown.
* Expect elevated volatility from Wednesday onward: The FOMC decision=2C B=
oE meeting=2C US GDP and euro-area inflation releases are concentrated wit=
hin a 48-hour period.
* Oil remains an important FX driver: A sustained decline in energy prices=
would generally be constructive for GBP and EUR and reduce demand for the=
defensive US dollar.
* Renewed hostilities would risk reversing that move.
To talk to us about your trade=2C call or 02039153743 (tel:02039153743) or=
login via the button below
Login (https://login.capitexgroup.com/login)
** Market Recap=E2=80=A6
------------------------------------------------------------
The US dollar strengthened through much of last week as escalating tension=
s in the Middle East lifted oil prices=2C increased inflation expectations=
and encouraged demand for defensive assets.
Sterling was particularly vulnerable because softer-than-expected UK infla=
tion reduced expectations of near-term Bank of England tightening. GBP/USD=
ended close to $1.332=2C leaving the pound approximately 1% lower over th=
e week and ending a three-week run of gains. Sterling also weakened for fo=
ur consecutive sessions against the euro=2C with EUR/GBP finishing around=
the 0.8550 area.
EUR/USD was comparatively stable but remained under pressure=2C closing Fr=
iday around $1.1370=2C as higher energy costs raised concerns about the eu=
ro area=E2=80=99s growth outlook.
Monday=E2=80=99s opening tone is more constructive for European currencies=
=2E The temporary pause in US-Iran attacks prompted a sharp decline in oil p=
rices=2C easing immediate inflation fears and pushing GBP and EUR modestly=
higher against USD.
Nevertheless=2C geopolitical developments remain fluid and may continue to=
overshadow economic fundamentals.
** Our thoughts for the week Ahead=E2=80=A6
------------------------------------------------------------
This week presents unusually high event risk=2C and we expect trading to b=
ecome increasingly volatile from Wednesday. The Federal Reserve is likely=
to keep policy unchanged=2C making its communication more important than=
the decision itself. A continued emphasis on inflation risks could suppor=
t USD=2C whereas concern about weaker growth or lower energy prices may en=
courage further dollar consolidation.
For sterling=2C Thursday=E2=80=99s BoE meeting is the defining event. A ho=
ld at 3.75% is broadly anticipated=2C so GBP=E2=80=99s reaction will depen=
d on the MPC vote and updated forecasts. A divided committee or explicit w=
arning that energy-driven inflation could require future tightening would=
support the pound. A cautious assessment of growth would leave GBP expose=
d.
EUR direction will depend on German GDP and inflation alongside Friday=E2=
=80=99s euro-area CPI estimates. Our central view is for range-bound condi=
tions early in the week=2C followed by sharper two-way movements. Falling=
oil prices favour GBP and EUR=2C but renewed geopolitical escalation woul=
d likely restore demand for USD.
** ECONOMIC CALENDER
------------------------------------------------------------
Monday
No major GBP=2C EUR or USD economic releases scheduled.
Tuesday
3:00PM US CB Consumer Confidence
Wednesday
7:00PM US Federal Funds Rate
7:00PM US FOMC Statement
7:30PM US FOMC Press Conference
Thursday
All Day EU German Preliminary CPI m/m
9:00AM EU German Preliminary GDP q/q
12:00PM GB BoE Monetary Policy Report
12:00PM GB BoE Monetary Policy Summary
12:00PM GB MPC Official Bank Rate Votes
12:00PM GB Official Bank Rate
1:30PM US Advance GDP q/q
1:30PM US Core PCE Price Index m/m
1:30PM US Advance GDP Price Index q/q
1:30PM US Initial Unemployment Claims
Friday
10:00AM EU Core CPI Flash Estimate y/y
10:00AM EU CPI Flash Estimate y/y
1:30PM US Employment Cost Index q/q
3:00PM US Revised University of Michigan Consumer Sen=
timent
3:00PM US Revised University of Michigan Inflation Ex=
pectations
Click here to login to the online platform (https://login.capitexgroup.com=
/login)
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=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD=
=C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=
=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD =C2=AD</div><div styl=
e=3D"display:none;"><img src=3D"https://us.list-manage.com/MDmXpwoDTgon6Sa=
qWZAYez?e=3D60700011f0&c2id=3D861b83ed5fcaee85724296aa6161bc77" height=3D"1" width=3D"1" st=
yle=3D"display:none;" alt=3D""></div>
<center>
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" height=3D"100%" wi=
dth=3D"100%" id=3D"bodyTable" role=3D"presentation" style=3D"background-co=
lor: rgb(0=2C 0=2C 0);">
<tbody><tr>
<td class=3D"bodyCell" align=3D"center" valign=3D"top">
<table id=3D"root" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" role=3D"presentation"><tbody data-block-id=3D"3" class=3D"mceWra=
pper"><tr><td style=3D"background-color:transparent" valign=3D"top" align=
=3D"center" class=3D"mceSection3"><!--[if (gte mso 9)|(IE)]><table align=
=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=3D"660"=
style=3D"width:660px;"><tr><td><![endif]--><table border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"max-width:660px" role=
=3D"presentation"><tbody><tr><td style=3D"background-color:#0e101b" valign=
=3D"top" class=3D"mceWrapperInner"><table align=3D"center" border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presentation" dat=
a-block-id=3D"2"><tbody><tr class=3D"mceRow"><td style=3D"background-posit=
ion:center;background-repeat:no-repeat;background-size:cover" valign=3D"to=
p"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%"=
role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;padding-botto=
m:0" valign=3D"top" class=3D"mceColumn" id=3D"mceColumnId--9" data-block-i=
d=3D"-9" colspan=3D"12" width=3D"100%"><table border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0" width=3D"100%" role=3D"presentation"><tbody><tr><td s=
tyle=3D"background-color:transparent;padding-top:0;padding-bottom:0;paddin=
g-right:0;padding-left:0;border:0;border-radius:0" valign=3D"top" class=3D=
"mceImageBlockContainer" align=3D"center" id=3D"b1"><div><!--[if !mso]><!=
--></div><table align=3D"center" border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" width=3D"100%" style=3D"border-collapse:separate;margin:0;vertical=
-align:top;max-width:100%;width:100%;height:auto" role=3D"presentation" da=
ta-testid=3D"image-1"><tbody><tr><td style=3D"border:0;border-radius:0;mar=
gin:0" valign=3D"top"><img alt=3D"" src=3D"https://mcusercontent.com/41327=
619e4585c9c0746487bb/images/b5a05e53-5d0a-bfb5-4bbb-6f7c97d5d1b7.png" widt=
h=3D"660" height=3D"auto" style=3D"display:block;max-width:100%;height:aut=
o;border-radius:0" class=3D"imageDropZone mceLogo" data-block-id=3D"1" /><=
/td></tr></tbody></table><div><!--<![endif]--></div><div>
<!--[if mso]>
<span class=3D"mceImageBorder" style=3D"border:0;border-width:2px;vertical=
-align:top;margin:0"><img role=3D"presentation" class=3D"imageDropZone mce=
Logo" src=3D"https://mcusercontent.com/41327619e4585c9c0746487bb/images/b5=
a05e53-5d0a-bfb5-4bbb-6f7c97d5d1b7.png" alt=3D"" width=3D"660" height=3D"a=
uto" style=3D"display:block;max-width:660px;width:660px;height:auto"/></sp=
an>
<![endif]-->
</div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbod=
y></table></td></tr></tbody></table><!--[if (gte mso 9)|(IE)]></td></tr><=
/table><![endif]--></td></tr></tbody><tbody data-block-id=3D"55" class=3D=
"mceWrapper"><tr><td style=3D"background-color:transparent" valign=3D"top"=
align=3D"center" class=3D"mceSection55"><!--[if (gte mso 9)|(IE)]><table=
align=3D"center" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" width=
=3D"660" style=3D"width:660px;"><tr><td><![endif]--><table border=3D"0" c=
ellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"max-width:660px=
" role=3D"presentation"><tbody><tr><td style=3D"background-color:#0e101b"=
valign=3D"top" class=3D"mceWrapperInner"><table align=3D"center" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presenta=
tion" data-block-id=3D"54"><tbody><tr class=3D"mceRow"><td style=3D"backgr=
ound-position:center;background-repeat:no-repeat;background-size:cover" va=
lign=3D"top"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;padd=
ing-bottom:0" valign=3D"top" class=3D"mceColumn" id=3D"mceColumnId--10" da=
ta-block-id=3D"-10" colspan=3D"12" width=3D"100%"><table border=3D"0" cell=
padding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presentation"><tbod=
y><tr><td style=3D"background-color:transparent;padding-top:0;padding-bott=
om:0;padding-right:0;padding-left:0;border:0;border-radius:0" valign=3D"to=
p" class=3D"mceImageBlockContainer" align=3D"left" id=3D"b4"><div><!--[if=
!mso]><!--></div><table align=3D"left" border=3D"0" cellpadding=3D"0" cel=
lspacing=3D"0" width=3D"100%" style=3D"border-collapse:separate;margin:0;v=
ertical-align:top;max-width:100%;width:100%;height:auto" role=3D"presentat=
ion" data-testid=3D"image-4"><tbody><tr><td style=3D"border:0;border-radiu=
s:0;margin:0" valign=3D"top"><img alt=3D"" src=3D"https://mcusercontent.co=
m/41327619e4585c9c0746487bb/images/8ddbe9d3-576d-befd-1d82-8229ded26184.pn=
g" width=3D"660" height=3D"auto" style=3D"display:block;max-width:100%;hei=
ght:auto;border-radius:0" class=3D"imageDropZone mceImage" data-block-id=
=3D"4" /></td></tr></tbody></table><div><!--<![endif]--></div><div>
<!--[if mso]>
<span class=3D"mceImageBorder" style=3D"border:0;border-width:2px;vertical=
-align:top;margin:0"><img role=3D"presentation" class=3D"imageDropZone mce=
Image" src=3D"https://mcusercontent.com/41327619e4585c9c0746487bb/images/8=
ddbe9d3-576d-befd-1d82-8229ded26184.png" alt=3D"" width=3D"660" height=3D"=
auto" style=3D"display:block;max-width:660px;width:660px;height:auto"/></s=
pan>
<![endif]-->
</div></td></tr><tr><td style=3D"padding-top:0;padding-bottom:0;padding-ri=
ght:0;padding-left:0" valign=3D"top" class=3D"mceGutterContainer" id=3D"gu=
tterContainerId-5"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0"=
width=3D"100%" style=3D"border-collapse:separate" role=3D"presentation"><=
tbody><tr><td style=3D"padding-top:0;padding-bottom:0;padding-right:0;padd=
ing-left:0;border:0;border-radius:0" valign=3D"top" id=3D"b5"><table width=
=3D"100%" style=3D"border:0;background-color:transparent;border-radius:0;b=
order-collapse:separate"><tbody><tr><td style=3D"padding-left:20px;padding=
-right:20px;padding-top:5px;padding-bottom:5px" class=3D"mceTextBlockConta=
iner"><div data-block-id=3D"5" class=3D"mceText" id=3D"d5" style=3D"width:=
100%"><p style=3D"line-height: 0; mso-line-height-alt: 0%;"><br /></p><p s=
tyle=3D"line-height: 0; mso-line-height-alt: 0%;"><br /></p><p class=3D"mc=
ePastedContent"><strong><span style=3D"font-size: 26pt">Central-Bank Colli=
sion Course: A Defining Week for GBP=2C EUR and USD</span></strong></p><p=
class=3D"mcePastedContent last-child"><br /></p></div></td></tr></tbody><=
/table></td></tr></tbody></table></td></tr><tr><td style=3D"padding-top:0;=
padding-bottom:0;padding-right:0;padding-left:0" valign=3D"top" class=3D"m=
ceGutterContainer" id=3D"gutterContainerId-6"><table border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"border-collapse:separa=
te" role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;padding-bo=
ttom:0;padding-right:0;padding-left:0;border:0;border-radius:0" valign=3D"=
top" id=3D"b6"><table width=3D"100%" style=3D"border:0;background-color:tr=
ansparent;border-radius:0;border-collapse:separate"><tbody><tr><td style=
=3D"padding-left:20px;padding-right:20px;padding-top:5px;padding-bottom:5p=
x" class=3D"mceTextBlockContainer"><div data-block-id=3D"6" class=3D"mceTe=
xt" id=3D"d6" style=3D"width:100%"><p class=3D"mcePastedContent"><strong><=
span style=3D"font-size: 18px">Key Highlights</span></strong></p><ul class=
=3D"last-child"><li><p class=3D"" style=3D"text-align: justify;">Geopoliti=
cal relief weakens the dollar: A pause in US-Iran hostilities has pushed o=
il prices sharply lower=2C easing inflation concerns and supporting both s=
terling and the euro at Monday=E2=80=99s open. GBP and EUR were approximat=
ely 0.2% and 0.3% stronger against USD=2C respectively.</p><p class=3D"" s=
tyle=3D"text-align: justify;"><br /></p></li><li><p class=3D"" style=3D"te=
xt-align: justify;">Sterling enters a crucial Bank of England week: The Bo=
E is widely expected to leave Bank Rate unchanged at 3.75%=2C but its vote=
split=2C inflation projections and guidance on future tightening could pr=
oduce significant GBP volatility.</p><p class=3D"" style=3D"text-align: ju=
stify;"><br /></p></li><li><p class=3D"" style=3D"text-align: justify;">Th=
e Federal Reserve remains the dollar=E2=80=99s main catalyst: No immediate=
rate change is expected on Wednesday=2C although markets will scrutinise=
the statement and press conference for evidence that persistent inflation=
could justify a later increase.</p><p class=3D"" style=3D"text-align: jus=
tify;"><br /></p></li><li><p class=3D"" style=3D"text-align: justify;">Gro=
wth and inflation data will test the euro: German and euro-area GDP and in=
flation figures will indicate whether the region can absorb elevated energ=
y costs without suffering a sharper slowdown.</p><p class=3D"" style=3D"te=
xt-align: justify;"><br /></p></li><li><p class=3D"" style=3D"text-align:=
justify;">Expect elevated volatility from Wednesday onward: The FOMC deci=
sion=2C BoE meeting=2C US GDP and euro-area inflation releases are concent=
rated within a 48-hour period.</p><p class=3D"" style=3D"text-align: justi=
fy;"><br /></p></li><li><p class=3D"" style=3D"text-align: justify;">Oil r=
emains an important FX driver: A sustained decline in energy prices would=
generally be constructive for GBP and EUR and reduce demand for the defen=
sive US dollar. </p><p class=3D"" style=3D"text-align: justify;"><br /></p=
></li><li><p class=3D"" style=3D"text-align: justify;">Renewed hostilities=
would risk reversing that move.</p><p class=3D"" style=3D"text-align: jus=
tify;"><br /></p></li></ul></div></td></tr></tbody></table></td></tr></tbo=
dy></table></td></tr><tr><td style=3D"padding-top:0;padding-bottom:0;paddi=
ng-right:0;padding-left:0" valign=3D"top" class=3D"mceGutterContainer" id=
=3D"gutterContainerId-93"><table border=3D"0" cellpadding=3D"0" cellspacin=
g=3D"0" width=3D"100%" style=3D"border-collapse:separate" role=3D"presenta=
tion"><tbody><tr><td style=3D"padding-top:0;padding-bottom:0;padding-right=
:0;padding-left:0;border:0;border-radius:0" valign=3D"top" id=3D"b93"><tab=
le width=3D"100%" style=3D"border:0;background-color:transparent;border-ra=
dius:0;border-collapse:separate"><tbody><tr><td style=3D"padding-left:20px=
;padding-right:20px;padding-top:5px;padding-bottom:5px" class=3D"mceTextBl=
ockContainer"><div data-block-id=3D"93" class=3D"mceText" id=3D"d93" style=
=3D"width:100%"><p style=3D"text-align: left; letter-spacing: 0px;" class=
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the button below</p></div></td></tr></tbody></table></td></tr></tbody></t=
able></td></tr><tr><td style=3D"background-color:transparent;border:0;bord=
er-radius:0" valign=3D"top" id=3D"b94"><table border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0" width=3D"100%" role=3D"presentation" data-block-id=3D=
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sparent;padding-top:5px;padding-bottom:5px;padding-right:20px;padding-left=
:20px;border:0;border-radius:0" valign=3D"top" class=3D"mceButtonBlockCont=
ainer" align=3D"center" id=3D"b80"><div><!--[if !mso]><!--></div><table a=
lign=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"p=
resentation" data-block-id=3D"80" class=3D"mceButtonContainer"><tbody><tr=
class=3D"mceStandardButton"><td style=3D"background-color:#374ee6;border-=
radius:0;text-align:center" valign=3D"top" class=3D"mceButton"><a href=3D"=
https://us.list-manage.com/shbJ7W24JI0?e=3D60700011f0&c2id=3D861b83ed5fcaee85724296aa6161bc77" target=3D"_blank" class=3D"mceButtonLink" style=3D"background-color:#3=
74ee6;border-radius:0;border:1px solid #374ee6;color:#ffffff;display:block=
;font-family:'Helvetica Neue'=2C Helvetica=2C Arial=2C Verdana=2C sans-ser=
if;font-size:18px;font-weight:normal;font-style:normal;padding:16px 28px;t=
ext-decoration:none;text-align:center;direction:ltr;letter-spacing:0px" re=
l=3D"noreferrer" data-button-link-id=3D"80">Login</a></td></tr></tbody></t=
able><div><!--<![endif]--></div><table align=3D"center" border=3D"0" cell=
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class=3D"mceButtonContainer"><tbody><tr>
<!--[if mso]>
<td align=3D"center">
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xmlns:w=3D"urn:schemas-microsoft-com:office:word"
href=3D"https://us.list-manage.com/shbJ7W24JI0?e=3D60700011f0&c2id=3D=
861b83ed5fcaee85724296aa6161bc77" data-button-link-id=3D"80"
style=3D"v-text-anchor:middle; width:102.05px; height:55px;"
arcsize=3D"0%"
strokecolor=3D"#374ee6"
strokeweight=3D"1px"
fillcolor=3D"#374ee6">
<v:stroke dashstyle=3D"solid"/>
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<center style=3D"
color: #ffffff;
display: block;
font-family: 'Helvetica Neue'=2C Helvetica=2C Arial=2C Verdana=2C sans-ser=
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</tr></tbody></table></td></tr><tr><td style=3D"background-color:transpare=
nt;border:0;border-radius:0" valign=3D"top" id=3D"b64"><table border=3D"0"=
cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presentation"=
data-block-id=3D"64"><tbody><tr><td valign=3D"top" class=3D"mceSpacerBloc=
k" height=3D"30"></td></tr></tbody></table></td></tr><tr><td style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0" valign=3D"top"=
class=3D"mceGutterContainer" id=3D"gutterContainerId-17"><table border=3D=
"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"border-col=
lapse:separate" role=3D"presentation"><tbody><tr><td style=3D"padding-top:=
0;padding-bottom:0;padding-right:0;padding-left:0;border:0;border-radius:0=
" valign=3D"top" id=3D"b17"><table width=3D"100%" style=3D"border:0;backgr=
ound-color:#374ee6;border-radius:0;border-collapse:separate"><tbody><tr><t=
d style=3D"padding-left:20px;padding-right:20px;padding-top:5px;padding-bo=
ttom:5px" class=3D"mceTextBlockContainer"><div data-block-id=3D"17" class=
=3D"mceText" id=3D"d17" style=3D"width:100%"><h2 style=3D"text-align: left=
;" class=3D"last-child">Market Recap=E2=80=A6</h2></div></td></tr></tbody>=
</table></td></tr></tbody></table></td></tr><tr><td style=3D"background-co=
lor:#262835;border:0;border-radius:0" valign=3D"top" id=3D"b8"><table bord=
er=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presen=
tation" data-block-id=3D"8"><tbody><tr><td valign=3D"top" class=3D"mceSpac=
erBlock" height=3D"20"></td></tr></tbody></table></td></tr><tr><td style=
=3D"padding-top:0;padding-bottom:0;padding-right:0;padding-left:0" valign=
=3D"top" class=3D"mceGutterContainer" id=3D"gutterContainerId-65"><table b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"bo=
rder-collapse:separate" role=3D"presentation"><tbody><tr><td style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0;border:0;border-=
radius:0" valign=3D"top" id=3D"b65"><table width=3D"100%" style=3D"border:=
0;background-color:#262835;border-radius:0;border-collapse:separate"><tbod=
y><tr><td style=3D"padding-left:20px;padding-right:20px;padding-top:5px;pa=
dding-bottom:5px" class=3D"mceTextBlockContainer"><div data-block-id=3D"65=
" class=3D"mceText" id=3D"d65" style=3D"width:100%"><p style=3D"line-heigh=
t: 0; mso-line-height-alt: 0%;"><br /></p><p class=3D"" style=3D"text-alig=
n: justify;">The US dollar strengthened through much of last week as escal=
ating tensions in the Middle East lifted oil prices=2C increased inflation=
expectations and encouraged demand for defensive assets. </p><p class=3D"=
" style=3D"text-align: justify;">=C2=A0</p><p class=3D"" style=3D"text-ali=
gn: justify;">Sterling was particularly vulnerable because softer-than-exp=
ected UK inflation reduced expectations of near-term Bank of England tight=
ening. GBP/USD ended close to $1.332=2C leaving the pound approximately 1%=
lower over the week and ending a three-week run of gains. Sterling also w=
eakened for four consecutive sessions against the euro=2C with EUR/GBP fin=
ishing around the 0.8550 area.</p><p class=3D"" style=3D"text-align: justi=
fy;">=C2=A0</p><p class=3D"" style=3D"text-align: justify;">EUR/USD was co=
mparatively stable but remained under pressure=2C closing Friday around $1=
=2E1370=2C as higher energy costs raised concerns about the euro area=E2=80=
=99s growth outlook.</p><p class=3D"" style=3D"text-align: justify;">=C2=
=A0</p><p class=3D"" style=3D"text-align: justify;">Monday=E2=80=99s openi=
ng tone is more constructive for European currencies. The temporary pause=
in US-Iran attacks prompted a sharp decline in oil prices=2C easing immed=
iate inflation fears and pushing GBP and EUR modestly higher against USD.=
</p><p class=3D"" style=3D"text-align: justify;"><br /></p><p class=3D"la=
st-child" style=3D"text-align: justify;">Nevertheless=2C geopolitical deve=
lopments remain fluid and may continue to overshadow economic fundamentals=
=2E</p></div></td></tr></tbody></table></td></tr></tbody></table></td></tr><=
tr><td style=3D"background-color:#262835;border:0;border-radius:0" valign=
=3D"top" id=3D"b67"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0=
" width=3D"100%" role=3D"presentation" data-block-id=3D"67"><tbody><tr><td=
valign=3D"top" class=3D"mceSpacerBlock" height=3D"20"></td></tr></tbody><=
/table></td></tr><tr><td style=3D"padding-top:0;padding-bottom:0;padding-r=
ight:0;padding-left:0" valign=3D"top" class=3D"mceGutterContainer" id=3D"g=
utterContainerId-66"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" width=3D"100%" style=3D"border-collapse:separate" role=3D"presentation"=
><tbody><tr><td style=3D"padding-top:0;padding-bottom:0;padding-right:0;pa=
dding-left:0;border:0;border-radius:0" valign=3D"top" id=3D"b66"><table wi=
dth=3D"100%" style=3D"border:0;background-color:#374ee6;border-radius:0;bo=
rder-collapse:separate"><tbody><tr><td style=3D"padding-left:20px;padding-=
right:20px;padding-top:5px;padding-bottom:5px" class=3D"mceTextBlockContai=
ner"><div data-block-id=3D"66" class=3D"mceText" id=3D"d66" style=3D"width=
:100%"><h2 style=3D"text-align: left;" class=3D"last-child">Our thoughts f=
or the week Ahead=E2=80=A6</h2></div></td></tr></tbody></table></td></tr><=
/tbody></table></td></tr><tr><td style=3D"background-color:transparent;bor=
der:0;border-radius:0" valign=3D"top" id=3D"b68"><table border=3D"0" cellp=
adding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presentation" data-b=
lock-id=3D"68"><tbody><tr><td valign=3D"top" class=3D"mceSpacerBlock" heig=
ht=3D"20"></td></tr></tbody></table></td></tr><tr><td valign=3D"top" class=
=3D"mceGutterContainer" id=3D"gutterContainerId-83"><table border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"border-collapse:=
separate" role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;padd=
ing-bottom:0;padding-right:0;padding-left:0;border:0;border-radius:0" vali=
gn=3D"top" class=3D"mceLayoutContainer" id=3D"b83"><table align=3D"center"=
border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"p=
resentation" data-block-id=3D"83" id=3D"section_4e508be45b94f062781c502832=
657ba7" class=3D"mceLayout"><tbody><tr class=3D"mceRow"><td style=3D"backg=
round-position:center;background-repeat:no-repeat;background-size:cover" v=
align=3D"top"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" widt=
h=3D"100%" role=3D"presentation"><tbody><tr><td valign=3D"top" class=3D"mc=
eColumn" id=3D"mceColumnId--12" data-block-id=3D"-12" colspan=3D"12" width=
=3D"100%"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D=
"100%" role=3D"presentation"><tbody><tr><td style=3D"border:0;border-radiu=
s:0" valign=3D"top" align=3D"center" id=3D"b-8"><table align=3D"center" bo=
rder=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"pres=
entation" data-block-id=3D"-8"><tbody><tr class=3D"mceRow"><td style=3D"ba=
ckground-position:center;background-repeat:no-repeat;background-size:cover=
" valign=3D"top"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" w=
idth=3D"100%" role=3D"presentation"><tbody><tr><td valign=3D"top" class=3D=
"mceColumn" id=3D"mceColumnId--14" data-block-id=3D"-14" colspan=3D"12" wi=
dth=3D"100%"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=
=3D"100%" role=3D"presentation"><tbody><tr><td style=3D"border:0;border-ra=
dius:0" valign=3D"top" id=3D"b88"><table align=3D"center" border=3D"0" cel=
lpadding=3D"0" cellspacing=3D"0" width=3D"100%" role=3D"presentation" data=
-block-id=3D"88"><tbody><tr class=3D"mceRow"><td style=3D"background-posit=
ion:center;background-repeat:no-repeat;background-size:cover" valign=3D"to=
p"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"24" width=3D"100%"=
role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;padding-botto=
m:0" valign=3D"top" class=3D"mceColumn" id=3D"mceColumnId-87" data-block-i=
d=3D"87" colspan=3D"12" width=3D"100%"><table border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0" width=3D"100%" role=3D"presentation"><tbody><tr><td s=
tyle=3D"padding-top:0;padding-bottom:0;padding-right:0;padding-left:0" val=
ign=3D"top" class=3D"mceGutterContainer" id=3D"gutterContainerId-90"><tabl=
e border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D=
"border-collapse:separate" role=3D"presentation"><tbody><tr><td style=3D"p=
adding-top:0;padding-bottom:0;padding-right:0;padding-left:0;border:0;bord=
er-radius:0" valign=3D"top" id=3D"b90"><table width=3D"100%" style=3D"bord=
er:0;background-color:transparent;border-radius:0;border-collapse:separate=
"><tbody><tr><td style=3D"padding-left:20px;padding-right:20px;padding-top=
:5px;padding-bottom:5px" class=3D"mceTextBlockContainer"><div data-block-i=
d=3D"90" class=3D"mceText" id=3D"d90" style=3D"width:100%"><p class=3D"las=
t-child" style=3D"text-align: justify;"><span style=3D"font-family: 'Lato'=
=2C 'Helvetica Neue'=2C Helvetica=2C Arial=2C sans-serif">This week presen=
ts unusually high event risk=2C and we expect trading to become increasing=
ly volatile from Wednesday. The Federal Reserve is likely to keep policy u=
nchanged=2C making its communication more important than the decision itse=
lf. A continued emphasis on inflation risks could support USD=2C whereas c=
oncern about weaker growth or lower energy prices may encourage further do=
llar consolidation.</span></p></div></td></tr></tbody></table></td></tr></=
tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></t=
r></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td=
></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table>=
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td styl=
e=3D"padding-top:0;padding-bottom:0;padding-right:0;padding-left:0" valign=
=3D"top" class=3D"mceGutterContainer" id=3D"gutterContainerId-82"><table b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"bo=
rder-collapse:separate" role=3D"presentation"><tbody><tr><td style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0;border:0;border-=
radius:0" valign=3D"top" id=3D"b82"><table width=3D"100%" style=3D"border:=
0;background-color:transparent;border-radius:0;border-collapse:separate"><=
tbody><tr><td style=3D"padding-left:20px;padding-right:20px;padding-top:5p=
x;padding-bottom:5px" class=3D"mceTextBlockContainer"><div data-block-id=
=3D"82" class=3D"mceText" id=3D"d82" style=3D"width:100%"><p class=3D"" st=
yle=3D"text-align: justify;"><br /></p><p class=3D"" style=3D"text-align:=
justify;">For sterling=2C Thursday=E2=80=99s BoE meeting is the defining=
event. A hold at 3.75% is broadly anticipated=2C so GBP=E2=80=99s reactio=
n will depend on the MPC vote and updated forecasts. A divided committee o=
r explicit warning that energy-driven inflation could require future tight=
ening would support the pound. A cautious assessment of growth would leave=
GBP exposed.</p><p class=3D"" style=3D"text-align: justify;">=C2=A0</p><p=
class=3D"last-child" style=3D"text-align: justify;">EUR direction will de=
pend on German GDP and inflation alongside Friday=E2=80=99s euro-area CPI=
estimates. Our central view is for range-bound conditions early in the we=
ek=2C followed by sharper two-way movements. Falling oil prices favour GBP=
and EUR=2C but renewed geopolitical escalation would likely restore deman=
d for USD.</p></div></td></tr></tbody></table></td></tr></tbody></table></=
td></tr><tr><td style=3D"background-color:transparent;padding-top:20px;pad=
ding-bottom:10px;padding-right:0;padding-left:0;border:0;border-radius:0"=
valign=3D"top" class=3D"mceDividerBlockContainer" id=3D"b79"><table align=
=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%=
" style=3D"background-color:transparent;width:100%" role=3D"presentation"=
class=3D"mceDividerContainer" data-block-id=3D"79"><tbody><tr><td style=
=3D"min-width:100%;border-top-width:2px;border-top-style:solid;border-top-=
color:#1e2835;line-height:0;font-size:0" valign=3D"top" class=3D"mceDivide=
rBlock">=C2=A0</td></tr></tbody></table></td></tr><tr><td style=3D"padding=
-top:0;padding-bottom:0;padding-right:0;padding-left:0" valign=3D"top" cla=
ss=3D"mceGutterContainer" id=3D"gutterContainerId-91"><table border=3D"0"=
cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"border-collap=
se:separate" role=3D"presentation"><tbody><tr><td style=3D"padding-top:0;p=
adding-bottom:0;padding-right:0;padding-left:0;border:0;border-radius:0" v=
align=3D"top" id=3D"b91"><table width=3D"100%" style=3D"border:0;backgroun=
d-color:transparent;border-radius:0;border-collapse:separate"><tbody><tr><=
td style=3D"padding-left:20px;padding-right:20px;padding-top:5px;padding-b=
ottom:5px" class=3D"mceTextBlockContainer"><div data-block-id=3D"91" class=
=3D"mceText" id=3D"d91" style=3D"width:100%"><h1 class=3D"last-child">ECON=
OMIC CALENDER</h1></div></td></tr></tbody></table></td></tr></tbody></tabl=
e></td></tr><tr><td style=3D"padding-top:0;padding-bottom:0;padding-right:=
0;padding-left:0" valign=3D"top" class=3D"mceGutterContainer" id=3D"gutter=
ContainerId-92"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" wi=
dth=3D"100%" style=3D"border-collapse:separate" role=3D"presentation"><tbo=
dy><tr><td style=3D"padding-top:0;padding-bottom:0;padding-right:0;padding=
-left:0;border:0;border-radius:0" valign=3D"top" id=3D"b92"><table width=
=3D"100%" style=3D"border:0;background-color:transparent;border-radius:0;b=
order-collapse:separate"><tbody><tr><td style=3D"padding-left:20px;padding=
-right:20px;padding-top:5px;padding-bottom:5px" class=3D"mceTextBlockConta=
iner"><div data-block-id=3D"92" class=3D"mceText" id=3D"d92" style=3D"widt=
h:100%"><p class=3D"mcePastedContent"><br /></p><p class=3D"mcePastedConte=
nt"><strong><span style=3D"font-size: 18px">Monday</span></strong></p><p c=
lass=3D"mcePastedContent">No major GBP=2C EUR or USD economic releases sch=
eduled.</p><p class=3D"mcePastedContent">=C2=A0</p><p class=3D"mcePastedCo=
ntent"><strong><span style=3D"font-size: 18px">Tuesday</span></strong></p>=
<p class=3D"mcePastedContent">3:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0 CB Consumer Confidence</p><p class=3D"mcePastedConte=
nt">=C2=A0</p><p class=3D"mcePastedContent"><strong><span style=3D"font-si=
ze: 18px">Wednesday</span></strong></p><p class=3D"mcePastedContent"><stro=
ng>7:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Federal=
Funds Rate</strong></p><p class=3D"mcePastedContent"><strong>7:00PM=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 U=
S=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 FOMC Statement</strong><=
/p><p class=3D"mcePastedContent"><strong>7:30PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 FOMC Press Conference</strong></p><p class=
=3D"mcePastedContent">=C2=A0</p><p class=3D"mcePastedContent"><strong><spa=
n style=3D"font-size: 18px">Thursday</span></strong></p><p class=3D"mcePas=
tedContent">All Day=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 EU=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0 German Preliminary CPI m/m</p><p class=3D"mcePastedContent=
">9:00AM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0 EU=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 German Pre=
liminary GDP q/q</p><p class=3D"mcePastedContent"><strong>12:00PM=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 GB=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 BoE Monetary Policy Report</strong></p><p c=
lass=3D"mcePastedContent"><strong>12:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0 GB=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0 BoE Monetary Policy Summary</strong></p><p class=3D"mcePastedConten=
t"><strong>12:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0 GB=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 MPC Official Ban=
k Rate Votes</strong></p><p class=3D"mcePastedContent"><strong>12:00PM=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 GB=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Official Bank Rate</strong></p><p cla=
ss=3D"mcePastedContent">1:30PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0 Advance GDP q/q</p><p class=3D"mcePastedContent">1:30PM=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Core PCE Price Inde=
x m/m</p><p class=3D"mcePastedContent">1:30PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Advance GDP Price Index q/q</p><p class=3D"=
mcePastedContent">1:30PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0 Initial Unemployment Claims</p><p class=3D"mcePastedContent">=C2=
=A0</p><p class=3D"mcePastedContent"><strong><span style=3D"font-size: 18p=
x">Friday</span></strong></p><p class=3D"mcePastedContent">10:00AM=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 EU=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Core CPI Flash Estimate y/y</p><p class=
=3D"mcePastedContent">10:00AM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0 EU=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 CPI Fla=
sh Estimate y/y</p><p class=3D"mcePastedContent">1:30PM=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 Employment Cost Index q/q</p><p cl=
ass=3D"mcePastedContent">3:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0 Revised University of Michigan Consumer Sentiment</p><p cl=
ass=3D"mcePastedContent last-child">3:00PM=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=
=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0=C2=A0 US=C2=A0=C2=A0=C2=A0=C2=
=A0=C2=A0=C2=A0=C2=A0=C2=A0 Revised University of Michigan Inflation Expec=
tations</p></div></td></tr></tbody></table></td></tr></tbody></table></td>=
</tr><tr><td style=3D"background-color:transparent;padding-top:5px;padding=
-bottom:5px;padding-right:20px;padding-left:20px;border:0;border-radius:0"=
valign=3D"top" class=3D"mceButtonBlockContainer" align=3D"center" id=3D"b=
51"><div><!--[if !mso]><!--></div><table align=3D"center" border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" width=3D"100%" style=3D"max-width:564px"=
role=3D"presentation" data-block-id=3D"51" class=3D"mceButtonContainer"><=
tbody><tr class=3D"mceStandardButton"><td style=3D"background-color:#374ee=
6;border-radius:0;text-align:center" valign=3D"top" class=3D"mceButton"><a=
href=3D"https://us.list-manage.com/RNzdwgwRJy4?e=3D60700011f0&c2id=3D861b83ed5fcaee85724296aa6161bc77" target=3D"_blank" class=3D"mceButtonLink" style=3D"background=
-color:#374ee6;border-radius:0;border:1px solid #374ee6;color:#ffffff;disp=
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x;padding-bottom:3px;padding-left:8px;padding-right:8px" valign=3D"top" cl=
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on"><tbody><tr class=3D"mceRow"><td style=3D"background-color:#0e101b;back=
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<p style=3D"line-height: 1.25; mso-line-height-alt: 125%;"><em><span style=
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You are receiving this email because you opted in when you completed the o=
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<br /><br />Our mailing address is:<br />
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London=2C England EC4N 1SP
United Kingdom
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