The Reserve Bank of Australia (RBA) held interest rates steady at 4.1% this morning, as widely expected. During the press conference that followed, Deputy Governor Michele Bullock indicated a willingness to support Australian economic growth in the future by lowering borrowing costs.

Last week was fairly calm on the currency front, despite notable events such as the UK Spring Statement. While the Statement itself didn’t create immediate volatility, it has set the stage for a challenging outlook ahead.

This morning, the British pound (GBP) has shown strength, breaking through the 1.20 barrier against the euro (EUR) and approaching 1.30 against the U.S. dollar (USD).

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A quick recap on yesterday's budget, with the main takeaways being that real GDP growth for 2025 has been downgraded to 1% (notably from 2%) from initial predictions in the October budget.

Last week was relatively steady for Sterling exchange rates, with the Bank of England’s latest meeting delivering no surprises. As widely expected, the BoE kept rates unchanged at 4.50%, reflecting caution due to inflationary pressures that are expected to intensify through spring and summer.

Yesterday we did see a modest recovery for GBP to the EUR after Bank of England’s interest rate meeting. The banks spokesmen stated that ‘‘there was no presumption that monetary policy was on a pre-set path over the next few meetings’’.

Investors are rapidly turning away from American stocks, favouring European markets at an unprecedented rate.