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- European session review: GBP mostly lower, weighed down by bond sell-off and inflation fears
European session review: GBP mostly lower, weighed down by bond sell-off and inflation fears
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:45 | France | CPI, m/m | February | 0.2% | -0.3% | -0.1% |
| 07:45 | France | CPI, y/y | February | 0.6% | 0.3% | 0.4% |
| 07:45 | France | Consumer spending | January | 22.4% | -3.5% | -4.6% |
| 07:45 | France | GDP, q/q | Quarter IV | 18.7% | -1.3% | -1.4% |
| 08:00 | Switzerland | Gross Domestic Product (YoY) | Quarter IV | -1.4% | -2.1% | -1.6% |
| 08:00 | Switzerland | KOF Leading Indicator | February | 96.5 | 96.6 | 102.7 |
| 08:00 | Switzerland | Gross Domestic Product (QoQ) | Quarter IV | 7.6% | 0% | 0.3% |
| 12:30 | United Kingdom | MPC Member Ramsden Speaks |
GBP retreated against most of its major counterparts in the European session on Friday as expectations of improving economic conditions and fears of accelerating inflation triggered a sell-off in global bond markets, sending yields to pre-pandemic levels. Market participants increasingly have become worried that faster inflation could prompt the central banks to hike interest rates as well.
The yield on the benchmark 10-year U.S. Treasury notes briefly jumped as high as 1.6% on Thursday, their highest level since February 2020, but then backpedaled somewhat. The 10-year yield is now holding near 1.48%, up more than 50 basis points since the year started.
The Bank of England's (BoE) chief economist Andy Haldane acknowledged on Friday that "there is a tangible risk inflation proves more difficult to tame", which could force policymakers to "act more assertively than is currently priced into financial markets".
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