![]() The ECB rhetoric overall has remained broadly hawkish. Natixis expects that the Euro-Zone outlook will improve “Even though the eurozone is in ("slight") recession, the European economic situation is set to improve in the second half of the year, while the United States is expected to fall into recession.” The services-sector index was also revised lower to 52.0 from the flash reading of 52.4 and the composite output index dipped to a 6-month low fractionally below the 50.0 level. The PMI manufacturing index for June was revised down to 43.4 from the flash reading of 43.6 and below the May reading of 44.8. The Euro-Zone data has remained generally fragile. It adds “To the extent that the tighter US financial conditions further weigh on risk sentiment, any further USD gains should be more pronounced vs risk-correlated G10 currencies.” Euro (EUR) Exchange Rates Await Euro-Zone Economic Data MUFG notes that rates have increased elsewhere, but adds “Nonetheless, the spread move does point to the scope for EUR/USD to drop which leaves the risk bias skewed in favour of the dollar strength.”Ĭredit Agricole also expects a firm US dollar tone “we think that the USD could re-couple with US rates and UST yields that have already started repricing a more hawkish policy stance from here.” ING noted “The dollar has drawn some strength from the hawkish FOMC minutes, which have so clearly pointed to more tightening, that it will probably take some substantial downside surprise for markets re-consider their expectations.” There were further concerns over inflation with almost all members stating that upside risks to inflation remained key to the policy outlook. The Federal Reserve has maintained a hawkish tone.Īccording to minutes from June’s policy meeting, almost all participants judged it appropriate or acceptable to leave the target rate unchanged, but some indicated that they would have supported raising rates by a further 25 basis points. US Dollar (USD) Exchange Rates Federal Reserve Stays Hawkish, Data will be Pivotal ING has an end-2023 forecast of 1.15 as it expects the Fed will respond to weaker data late in the year. Treasuries rallied after the data with a slightly more measured tone after panic seen the previous day after the ADP data reported a huge 497,000 increase in private payrolls.ĮUR/USD spiked to 1.0930 and advanced to weekly highs near 1.0950 later in the session.ĮUR/USD will still find it difficult to make much headway unless the US data deteriorates. The latest employment report recorded an increase in non-farm payrolls of 209,000 for June after a revised 306,000 increase the previous month and slightly below expectations of 225,000. The US Dollar spiked higher after the US ADP data with EUR/USD dipping to below 1.0850, but the US currency failed to hold the gains. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.The Euro US Dollar (EUR/USD) exchange rate has been unable to make a decisive break over the past week with the pair holding above the 1.0800 level. ![]() PrePay Technologies Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and payment instruments. Sainsbury's Bank Travel Money Card™ is issued by PrePay Technologies Limited pursuant to license by Mastercard International. You need to tell us your Nectar card number at the time of your transaction. Exchange rates may vary depending on whether you buy instore, online or by phone. Excludes travel money card home delivery orders and online reloads. **Nectar members receive better exchange rates on single purchase transactions of all available foreign currencies. A valid telephone number is required for home delivery. All home delivery orders are sent via Royal Mail Special Delivery, unless we advise you otherwise, to your billing address, and a signature will be required upon delivery. The delivery day quoted is dependent on the order day being a working day if one of those days is a public holiday then additional day(s) will be added accordingly. The minimum order for home delivery is £100. Delivery is free on all cash orders £400 or more (£4.99 for orders between £100 and £399.99). Highlands and Islands (including Channel Islands) are not guaranteed next day delivery. Please note that whilst Royal Mail make every effort to delivery on schedule, we cannot guarantee this as it is beyond our control. For next day delivery your order needs to be confirmed before 1.30pm (Mon- Fri). ![]() ![]() *You can order currency for a secure home delivery by 1pm on the day of your choice by Royal Mail (Mon- Sat). 12 Month Low Balance Transfer Fee Credit Card. ![]()
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