First up it's the GBP/EUR rate. At the moment the rate is holding steady around the year highs. What was previously a resistance line has now become a level of support. What this means in real terms is that the sell orders that were previously depressing the price have now been used up and typically replaced by buy orders that will help keep the price bouyant.
The good news is that the Pound continues to be strong versus the Dollar also. However the rate is still some way off the year highs.
The story for the Euro continues to be a series of speeches by the Executive Board at the ECB which may create some volatility although this doesn't look likely.
It looks like it will be a global news story that will create the next big move if there is one.
However eyes will also be on the Public Bank of China's interest rate decision in the early hours of tomorrow. News stories have returned to commentary around interest rates finally starting to move. This could be in reaction to a number of factors but most likely it's to control the potential of higher inflation.
In the UK we also have a raft of data out at breakfast time. The main piece of data is the inflation rate which is predicted to be 3.2%. A much higher figure than the Bank of England's target of 2%. What's difficult to ascertain is the knock on effect of this time last year as the country went through different phases of the pandemic. Therefore a high reading based on the year on year position might not be really reflective of where we actually are.
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
CNA: 02:30 PoBC's Interest Rate Decision
UK: 07:00 CPI (Inflation), RPI, PPI
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