The FED raised their base rate by 0.75% to 2.5% as expected last night. Although it was expected it still caused an immediate fall in the Dollar. We will be following it closely to see if the Pound consolidates its gains.
The US releases its preliminary GDP numbers later so that could have another effect on the Dollar. The reading will also mark whether the US has shifted into recession. The usual way of reading that is to have 2 consecutive quarters of GDP contraction.
In the business news Facebooks owner, Meta, had their first ever slip in revenue overnight although the revenue was still $28.8 billion. Meta controls approximately 20% of all advertising globally so this is a significant bellwether.
There's also European consumer confidence numbers out shortly and a raft of Japanese data out early tomorrow morning.
Today’s Economic Calendar
EUR: 10:00 Consumer Confidence
US: 13:30 Preliminary GDP Numbers
JPN: Friday 00:30 Tokyo Inflation and Employment Data
As ever we look forward to keeping you in the loop and look out for our next update.
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