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Market Recap – UK’s local elections

Friday, May 3, 2019 10:06 AM GMT

Yesterday’s headlines had been occupied by the UK. On the one hand there was the Monetary Meeting of the Bank of England (BOE) and on the other hand local elections were carried out in 248 English and 11 Irish councils.

The Tories and the Labor party recorded diminishing votes. The Green Party and the Liberal Democrats, presenting themselves as “the true remain party”, strengthened. The BOE kept its monetary policy unchanged as expected but Mark Carney’s comment that “interest rate increases could be more frequent than expected if the economy performs as the BOE is expecting” failed to push GBP higher.

Worth noting the US prelim unit labor cost q/q release that turned negative, signaling that there is zero inflationary pressure in the USA and favoring the potential rate cut scenario within 2019.

Today’s focus would be on the European inflation readings and the US unemployment release.

 

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