Interbank Market News Scan: Bank of England prepares to announce its policy rate. ADP sends labor market scare.

Legal/Regulatory/Political Events

On 28 January 2022, the Commodity Futures Trading Commission charged five individuals and five firms with fraud in foreign exchange trading. You can find the complaint and press release here. The individuals in the complaint are accused of using the website ROFX.net to defraud forex investors of approximately $58 million. To reserve a consultation on this complaint, please contact us at altondrew@gmail.com.

Interbank, Bank of England. The Bank of England will announce its official bank rate on 3 February 2022. The rate for interbank lending is currently .25%. It is up from the December 2021 rate of .1%. Pre-pandemic, the rate was .75% from August 2018 to March 2020. The BOE reports that the United Kingdom’s current rate of inflation is 5.4%. See bank rates here. Source: Bank of England.

Interbank, European Central Bank. The European Central Bank will hold a press conference on 3 February 2022 at 14:30 CET (8:30 EDT). The current bank rate is at .25% and the ECB reports inflation at 5.1%. Source: European Central Bank.

Interbank, Bank of Japan. Today, the Bank of Japan releases its monthly monetary base report. The BOJ reports that its monetary base has increased 15.9% between 2021 and 2020. Source: Bank of Japan

Interbank, ADP. “Privately run U.S. businesses reduced employment by 301,000 jobs in January –- the worst reading since the start of the pandemic— as a record omicron wave kept people out of work and delayed hiring plans.” — MarketWatch

Foreign exchange rates of interest as of 9:00 am EDT

USD/INR=74.6518

USD/JPY=114.83

USD/VND=22,646.8

USD/GHS=6.2036

USD/NGN=414.958

USD/GTQ=7.5035

USD/MXN=20.5791

USD/BTC=0.00003

USD/ETH=0.00036

GBP/USD=1.3485

EUR/USD=1.1251

Source: OANDA