1st September all ready! It certainly feels like this year has gone very quickly.
So to kick off with GBP/EUR. There ae a number of economist stories out this morning discussing the rate having found support after a couple of weeks of mild selling off. With Nationwide House Prices out this morning at 7am showing a much higher reading than anticipated this could cause a bounce in the Sterling rate. Month on month figures were expected to show a 0.2% gain and it actually came in at 2.1% indicating the anticipated cooling of the property market doesn’t appear to have started yet.
On the other side of the pond the Pound has continued to erase some of the recent losses against the Dollar. From a technical perspective this looked likely however this particular pair is often moved more by geopolitical events than technical analysis.
Looking ahead it’s mainly US centric news to watch out for with the ADP Employment Change first followed by the ISM Manufacturing Purchasing Managers Index later in the afternoon. As ever with data it’s always if the numbers are skewed versus consensus that can cause an effect on rates.
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: 13:15 ADP Employment Change
US: 15:00 ISM Manufacturing PMI
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