- Russian Ruble tumbles again
- 80% chance of rate hike by BOE in March
- UK house price fastest increase in 17 years
- BOE member speech ahead
The Russian Ruble Pound (RUB/GBP) exchange rate tumbles again in line with diminished risk appetite, following a retreat in the equity market and heightened fear over the Russia – Ukraine conflict. The pair settled +0.30 slightly higher yesterday at 0.007027.
At 11:05 UTC, RUB/GBP trades -2.23% at 0.006870.
This morning, the UK data revealed that the British house prices increased at a faster pace than expected. The Nationwide Housing Prices rose in January by 1.7% versus 0.8% previous reading. The annualized rate also builds upon inflation increasing at a faster pace in 17 years. UK house prices rose at an annual rate of 12.6% compared to the 11.2% previous reading.
The UK money market now price in 107 BPS of further BOE tightening for 2022 versus 128 BPS on Monday. At the same time, the UK interest rate futures reveal around 80% probability of rate hike to 0.75% by the Bank in England in March.
BOE’s Sir Jon Cunliffe became Deputy Governor for Financial Stability is also scheduled to speak later on the day.
Meanwhile, the rate hike to 20% by the Russian central bank has failed to stabilize the exchange rate. The Russian central bank more than doubled the interest rate from 9.5% to 20% in a panic move to defend against a falling Ruble.
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