Friday 13th looks to be playing out for the Pound right now. Racy inflation data from the States yesterday afternoon seems to have caused traders to sell Sterling and buy the Dollar. With the GBP/EUR rate at a point of technical resistance this seems to have had a knock on effect to the price of the Pound versus the Euro.
The Michigan Consumer Sentiment Index later today in the US will determine if the Pounds sell off continues.
Overall the sentiment appears supportive for the Pound however so this should be a short term move to the downside. However, as previously mentioned, we are at the throes of global news stories around the pandemic so the risk going into the weekend will be any stories that come out whilst the markets are closed over the weekend.
It will be interesting to see how the markets open next week. Fingers crossed we see a rebound in the Pound. Japanese GDP data out in the early hours of Monday combined with Chinese Retail Sales could create some volatility at the open.
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
US: 15:00 Michigan Consumer Sentiment Index
JPN: 00:50 (Monday) GDP Data
CHN: 03:00 (Monday) Retail Sales
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