This morning analysts looked to the Nationwide Housing Prices Index to see if the UK property market showed signs of cooling off. Whilst there are some that hope this is happening the factual numbers indicate differently. The Nationwide published a 0.9% month on month growth which outpaced the previous months growth of 0.4%. It would appear it will take a stronger rise in interest rates to slow house price gains.
However what's dominating headlines is the ongoing travel chaos caused by airlines and travel companies cancelling flights and holidays. The story emerging is that the companies in question massively overbooked flights and holidays against what they could deliver. Demand has returned to pre pandemic levels almost immediately. However all of these companies laid off large parts of their workforce during the pandemic and haven't been able to replace those workers quickly enough afterwards. The question is why their booking systems didn't take into account the staff shortage.
Today sees a number of speeches from the ECB kicking off with their President, Christine Lagarde, later. This could have an impact on relatively turgid GBP/EUR rates through the day.
There's also US manufacturing data out later that could affect GBP/USD rates but the bigger move could come on Friday when the US releases it's non farm payrolls at lunchtime. Analysts are predicting job growth of 320k.
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: 12:00 ECB President Speech
US: 15:00 ISM Manufacturing Numbers
EUR: 16:30 ECB Fabio Panetta Speech
US: Friday 13:30 Non Farm Payrolls
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