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European session review: GBP weakens after BoE governor Bailey's remarks

TimeCountryEventPeriodPrevious valueForecastActual
07:00United KingdomNationwide house price index, y/yFebruary1.1%-0.9%-1.1%
07:00United KingdomNationwide house price index February-0.6%-0.4%-0.5%
07:30SwitzerlandRetail Sales (MoM)January-1.6% 0.6%
07:30SwitzerlandRetail Sales Y/YJanuary-3%-2.2%-2.2%
08:30SwitzerlandManufacturing PMIFebruary49.3 48.9
08:50FranceManufacturing PMIFebruary50.547.947.4
08:55GermanyManufacturing PMIFebruary47.346.546.3
08:55GermanyUnemployment ChangeFebruary-11 2
08:55GermanyUnemployment Rate s.a. February5.5% 5.5%
09:00EurozoneS&P Global Manufacturing PMI FlashFebruary48.848.548.5
09:30United KingdomConsumer credit, mlnJanuary0.7860.81.597
09:30United KingdomMortgage ApprovalsJanuary40.543839.637
09:30United KingdomNet Lending to Individuals, blnJanuary3.9 4.1
09:30United KingdomPurchasing Manager Index Manufacturing February4749.249.3
10:00United KingdomBOE Gov Bailey Speaks    

GBP depreciated against most other major currencies in the European session on Wednesday as investors digested the latest comments of the Bank of England’s (BoE) governor Andrew Bailey. 

The pound rose against USD but fell against the rest of its major rivals.

Bailey said that, at this stage, he would caution against suggesting either that the BoE is done with increasing its benchmark rate or that it will inevitably need to do more. "Some further increase in Bank Rate may turn out to be appropriate, but nothing is decided," the BoE’s governor added.

According to Reuters, the latest Bailey's remarks prompted markets to slightly reduce their expectations of a 25-basis-point rate increase by the BoE next month and to raise bets on no hike. The likelihood of the latter move, however, is estimated at just 5%. Meanwhile, predictions of the probability that the BoE’s rates will peak at 4.75% in the second half of the year were unchanged at 70%. That suggests further hikes by 75 basis points cumulatively from the current levels.

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