UK PM Johnson Survived No-Confidence Vote; GBP/USD Volatile
The UK Prime Minister won the no-confidence vote on Monday, with 59% of the Tory MPs voting that they have confidence in their party leader
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The UK Prime Minister won the no-confidence vote on Monday, with 59% of the Tory MPs voting that they have confidence in their party leader
The Australian central bank (RBA) raised interest rates by 50 basis points today, which is more than baseline expectations and the largest upward adjustment since February 2000
Conservative members of the UK parliament will hold a no-confidence vote in Boris Johnson later today, in the aftermath of the Sue Gray report into the “party-gate”
The NFP beat means that 50bps increases for the next two Fed meets are alive and well.
As we progress through the current rate hiking cycle, unemployment is an essential economic series to monitor.
Eurozone preliminary headline inflation printed at an all-time high of 8.1% YoY for May. This number is higher than the forecast of 7.8% YoY and above the previous month's release of 7.5% YoY. The major contributor was the much higher energy prices due to Russia's invasion of Ukraine. However, it's not the only worry. Food, alcohol and tobacco price also contributed to the blowout figure.
The US 10-year Treasury note has broken out of a falling wedge pattern following hawkish comments by Fed Governor Waller.
Consumption makes up around 70% of the US GDP. However, all is not well with the US consumer.
NZD/USD jumped after the Reserve Bank of New Zealand hiked interest rates by 50 basis points, to 2%, the highest level since September 2016
Retail numbers are strong, with previous revised up.
The US 10-year yield has paused, but underlying momentum has not dissipated.
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