The Bank of England raised interest rates for the sixth time in a row on Thursday. This was revealed in the UK central bank’s delayed interest rate decision on Thursday. The central bank raised interest rates by 50 basis points from 1.75% to 2.25%. This is in line with market expectations. The Bank of England has been raising interest rates since December, high inflation is forcing the central bank to continue with it.
Global steel production also fell in August, but at a slower pace as production rose slightly in China. This was revealed on Thursday by figures from industry body World Steel Association. In total, the 64 steel-producing countries produced 150.6 million tonnes of steel in August. That is 3.0% less than August 2021. In July, production was still down 6.5% year-on-year.
Yesterday, Japan intervened to strengthen the Yen for the first time since the late 1990s, after the currency tumbled to a 24-year low on pledges by the central bank to stick with its ultra-loose policy. Masato Kanda, the country’s top currency official, said the government had “taken decisive action” to address what it warned was a “rapid and one-sided” move in the foreign exchange market. It was the first time Japan had sold dollars since 1998, according to Japanese government data.
The 6M Euribor increased with 3 basis points to 1.77% compared to previous business day. The 10Y Swap increased with 8 basis points to 2.77% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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