FX News

Key Market News This Week:

Key Points:

  • Ukraine sinks Russian cruiser Moskva in the Black sea
  • Bank of England raises rate by 25 points to 1.0% as expected but warns of stagflation ahead
  • Chile’s central bank raises cash rate by 125 points from 7.0% to 8.25%
  • Nasdaq, DOW and the S&P start May trading positive but are down over 3.0% on the day   
  • Vice chair of the Federal Reserve Clarida suggests the Fed will need to raise rates to at least 3.5% to bring down inflation back to around 2.0%
  • Nasdaq trades to a new 2022 low declining over 5%
  • The ECB will probably raise rates and start a tightening cycle in June
  • The Australian Dollar (AUD) is the strongest currency this week with the British Pound (GBP) the weakest
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