Yesterday we saw an attempted break out to the upside in the GBP/EUR rate taking the rate to levels not seen since February 2020. However it was relatively short lived and the rate descended back to the top of the previous range. It would appear a big news story is needed to make any surge to the upside stick.
Overall it looks likely that traders have priced in the potential interest rate hike for the Pound so all eyes will now be on the unfolding political landscape with the Partygate report hinted at being next week. The defection by a Tory MP to Labour seems to have had the opposite effect than desired and encouraged the other Conservative MP's to rally around Boris Johnson.
So things remain relatively static in the currency exchange rates with no real overnight movement except for the GBP/EUR rate retracing as previously mentioned.
Today sees some big data out from Europe with their Inflation Data where economists are anticipating a 2.6% growth. This will be followed at breakfast time tomorrow by the UK's Retail Sales numbers.
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 Inflation Data
UK: Friday 07:00 Retail Sales
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