![]() This, he added, should put sterling and the euro at the top of the G-10 pack. Stephen Innes, managing partner at SPI Asset Management, explained that when foreign exchange conversations revolve around rate hikes, the "most aggressive" central bank would lead to a stronger currency "even if the growth outlook weakens". The euro stood at USD1.0941 around midday in London, higher against USD1.0913 at the London equities close on Monday. The euro was stronger against the dollar around midday on Tuesday, as markets viewed the ECB as the more hawkish central bank when compared to the US Federal Reserve. ![]() In a press conference shortly after the announcement, Lagarde was clear that the ECB was not finished with its current tightening cycle. The ECB's policy would be decided "meeting by meeting", she said, but added that "barring a material change to the outlook, we will continue to increase rates in July", at the bank's next meeting.Īt its meeting earlier this month, the Frankfurt-based central bank hiked interest rates in the eurozone by 25 basis points. "It is unlikely that in the near future the central bank will be able to state with full confidence that the peak rates have been reached," she said at the start of an annual gathering of central bank chiefs and economists in Sintra, southern Portugal. The Cboe UK 100 was flat at 743.65, the Cboe UK 250 was flat at 15,782.19, and the Cboe Small Companies was flat at 12,979.28.ĮCB President Christine Lagarde said it was "unlikely" policymakers could state soon when interest rates had peaked as they battle stubbornly high inflation, and pledged yet another hike in July. Earlier in the day, all three indices had traded in the green. The FTSE 100 index was down 3.17 points at 7,450.41. (Alliance News) - Stock prices in London dipped into the red at midday on Tuesday, following a strong start to trading, as markets digested more hawkish rhetoric from the president of the European Central Bank.
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