The GBP/EUR rate took a small hit this morning on the back of the poorer data out at 7am. Retail Sales came in at a -2.6% contraction versus the expected contraction of -1.7%. This added to the poor Consumer Confidence numbers out at midnight. Store sale items such as furniture were seen to be slow in September leading to the contraction.
The GBP/EUR rate remains nicely in the recent range however so maybe we will see a recovery through the day.
Over the pond the GBP/USD rate remains relatively stable with no real reaction to the data.
Interestingly the Swedish Krona continues to be strong versus both the Pound and the Euro so property purchases from Sweden to Spain might be looking very attractive. Here at Regency FX we have seen a steady influx of Swedish Krona transfers and our trade team is well versed in these transactions.
Looking ahead it's US data on the watchlist as we head to the market closing over the weekend. Of note is the Purchasing Managers Index and the Fed's Jerome Powell's speech.
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: 13:45 PMI data
US: 15:00 FED Powell's speech
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