The GBP/EUR rate is creeping closer to the year highs again. This will suit both the UK and the majority of Europe. As Covid slips further into the background it's important to get international travel and European holidays going again. This rate will certainly help in that regard.
The UK employment numbers were encouraging also this morning. The unemployment rate is getting close to pre Covid levels and average earnings are exceeding expectations. This shows a buoyant economy.
The preliminary Euro GDP numbers out shortly could be what affects the rate today. However more likely is the UK's inflation data out at breakfast tomorrow. Analysts are expecting an increase of 5.4% so anything either side of that could move the GBP/EUR rate.
Outside of that there's also the Chinese inflation numbers out in the early hours of tomorrow that could have some effect on the overall market.
GBP/USD remains relatively unchanged in the middle of the mid term range. With no US data out today this should remain relatively static.
Pound versus the other major currency rates remains fairly unchanged also.
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
EUR: 10:00 Preliminary GDP data
CHN: Wednesday 01:30 Inflation numbers
UK: Wednesday 07:00 Inflation numbers
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