GBP/EUR remains in a healthy position mid range with no real movement overnight. However it's the GBP/USD rate that's looking not so good. The Dollar is looking increasingly strong versus the Pound that is now at 2 year lows. The ongoing political situation and signs of real difficulties for consumers is hampering things.
Business headlines are reporting a drop in UK retail sales alongside increasing costs of heading abroad on holiday. Global inflation isn't linear. Countries such as Turkey have inflation growth in excess of 70% year on year compared to the UK's inflation growth of around 9%. This is why analysts are suggesting previously less expensive places to go on holiday might not be as cost effective as they used to be.
Today sees another speech from the Bank of England Governor, Andrew Bailey. However it's tomorrow morning that may cause the real moves. Firstly China releases it's import and export data. However for the Pound it's the breakfast time data that could cause volatility with GDP numbers out along with manufacturing and production data.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
UK: 18:00 BoE Governor Speech
CHN: Wednesday 03:00 Import and Export Data
UK: Wednesday 07:00 GDP Data
UK: Wednesday 07:00 Industrial Production Numbers
UK: Wednesday 07:00 Manufacturing Production Numbers
UK: Wednesday 07:00 Trade Balance
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