The GBP/EUR rate has been in decline for the last couple of weeks and is now on a critical line of technical support. If the rate drops further it's likely to retest the March low. With poor economic figures over the last couple of weeks from the UK and negative predictions from the IMF for the UK it's unlikely to rise in the near term.
The GBP/USD rate is similar with the Pound taking a real tumble. The rate is now at levels not seen since 2020. This could be a very good time to trade if you are exchanging Dollars for Pounds.
However from a business perspective for consumers there's been a glimmer of light over the weekend. Supermarkets have returned to price wars as they compete for shoppers. With the rising cost of living customers are voting with their feet and a more closely watching prices. This will suit the likes of Aldi and Lidl and mean that the major supermarkets need to start offering better prices.
Today sees very little in terms of scheduled news so there shouldn't be much volatility short of an over arching global news story.
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
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