Welcome to our latest weekly newsletter at Panthera FX.
The past weekend marked a remarkable milestone for Panthera, as our Director Benjamin Vis embarked on his most challenging endeavour yet: cycling the entirety of Mallorca! While the featured image in today’s newsletter showcases the map of his journey, there’s a slight hiccup—about 30KM went untracked as he forgot to activate his app!
You might wonder what drove someone to undertake such a crazy feat. Well, it’s all in support of the remarkable charity, the One YMCA! This incredible organisation has positively impacted countless lives over the years and continues to do so.
Stay tuned for a series of captivating videos on our social media channels, as well as an upcoming documentary detailing Benjamin’s highs and lows throughout his journey. If you haven’t already, be sure to follow his social media handles below to catch up on his latest adventures!
While we’re thrilled to have achieved our fundraising goal, here at Panthera, we aim for nothing short of excellence! It’s not too late to help us surpass our target—check out the JustGiving link below to donate and spread the word. Your support means the world to us!
Instagram: benjamin.a.vis
TikTok: ben_vis01
JustGiving Page: https://www.justgiving.com/page/biggestchallengeyet
To find out more get in touch with Panthera FX!
Email: info@pantheraconsultancy.com
Phone: 0208 148 6446
Market Overview:
British Pound (GBP)
- Edged higher following Prime Minister Rishi Sunak’s announcement of a parliamentary election for July 4.
- UK stock futures fell (FTSE 100 index down 0.7%), while gilt yields rose sharply due to slower-than-expected inflation slowdown in April.
- Sterling options volatility increased, reflecting higher trader demand for protection against significant price swings.
- UK inflation cooled from 3.2% to 2.3% in April, missing forecasts of 2.1%. Core CPI and services CPI also missed expectations.
- Reduced bets on a June interest rate cut from the Bank of England, providing a boost to the pound.
US Dollar (USD)
- Rose against the euro after the release of the Federal Reserve’s meeting minutes, which highlighted ongoing concerns about inflation.
- The Fed’s cautious approach to interest rate adjustments influenced the dollar’s movement.
Canadian Dollar (CAD)
- Hit a two-week low, influenced by weaker oil prices and concerns over US interest rates.
- Weaker oil prices played a significant role in the CAD’s performance.
Japanese Yen (JPY)
- Weakened against the US dollar due to a wider-than-expected trade gap in Japan.
- Relatively low yen yields compared to other currencies contributed to its weakness.
Euro (EUR)
- Declined against the US dollar following the Fed’s meeting minutes.
- Influenced by the strength of the US dollar and the Fed’s cautious stance on interest rate changes.
Upcoming Events and Forecasts:
- UK Retail Sales Numbers: Keep an eye out for the release on the 24th.
- Fed Speeches: Look out for speeches by Federal Reserve policymakers throughout the week, such as Pill Speech.
- Flash PMI releases from Europe, UK, and the US: All 3 releasing 23rd May
| United Kingdom | United States | Eurozone | Australia | Canada | China | Japan | Switzerland | |
| Currencies | GBP | USD | EUR | AUD | CAD | CNY | JPY | CHF |
| GBP £ | 1.0000 | 1.2714 | 1.1746 | 1.9204 | 1.7411 | 9.2068 | 199.33 | 1.1642 |
| EUR € | 0.8508 | 1.0821 | 1.0000 | 1.6343 | 1.4816 | 7.8354 | 169.64 | 0.9908 |
| USD $ | 0.7863 | 1.0000 | 0.9240 | 1.5103 | 1.3693 | 7.2409 | 156.79 | 0.9156 |
| AUD | 0.5202 | 0.6618 | 0.6114 | 1.0000 | 0.9062 | 4.7920 | 103.75 | 0.6059 |
*as of May 22 2024 22:05 BST
Final Thoughts:
The currency markets are navigating a landscape shaped by various factors. The recent announcement of the UK election has injected fresh uncertainty, particularly impacting the trajectory of the GBP. Moreover, the UK’s inflation trends, with a slower-than-expected decline, are pivotal in shaping future Bank of England policy decisions and consequently influencing the pound’s movements. Meanwhile, global influences, such as US Federal Reserve policies and shifts in global trade data, continue to wield considerable sway over major currencies like the USD, CAD, and JPY. As speculation mounts, market participants are closely scrutinizing policy proposals, particularly those from the Labour Party in the UK, given their lead in opinion polls. In this environment, staying informed and adaptable is paramount for businesses and individuals with FX needs, ensuring they can navigate the complexities of the currency markets effectively.
Disclaimer: This newsletter is for informational purposes only and does not constitute financial advice. Trading in the FX market involves risks and individuals should conduct their own research before making any investment decisions.
Contact Us
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Stay informed, stay ahead with Panthera FX.
Hamzah Pervez
Managing Director – Head of FX
Landline: 0208 148 6446
Mobile: 07963 584 187
Email: Hamzah@pantheraconsultancy.com
Email: info@pantheraconsultancy.com
Phone: 0208 148 6446