The Pound continued to take a hammering versus both the Dollar and the Euro yesterday. GBP/EUR is back towards the bottom of the mid term range....and it's happened pretty quickly. Less than a week between being towards the top of the range to being towards the bottom. For now it seems to have stopped falling but this might be a stall in the very short term down trend. GBP/USD is at a fairly critical level now. It won't take a lot for the rate to drop through the 2020 low which could indicate a bigger drop ahead.
Against both the Australian Dollar and the Canadian Dollar it's a similar story. Pound weakness for now. Political uncertainty and the Bank of England being quite brutally honest are probably some of the causes for this. However the ongoing strikes in many sectors in the UK will also be contributing towards a poor picture of the UK from the outside.
However, against expectation the housing market is still much more buoyant than analysts had expected. At breakfast time this morning the Nationwide put out it's housing prices. Economists had predicted year on year growth of 8.9% and month on month growth of a modest 0.1%. However the real numbers came in at 10% and 0.8% respectively. This goes against the grain of the predicted property price crash some were forecasting.
Eyes this morning will be on the Eurozone and UK manufacturing data before turning to European and US unemployment numbers. Later there's the US manufacturing data that will cap off what could be an interesting day ahead.
Today’s Economic Calendar
EUR: 09:00 S&P Global Manufacturing PMI
UK: 09:30 S&P Global Manufacturing PMI
EUR: 10:00 Unemployment Rate
US: 13:30 Initial Jobless Claims
US: 15:00 ISM Manufacturing PMI
As ever we look forward to keeping you in the loop and look out for our next update.
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