Today sees some strong data out of Europe. First up is the German preliminary GDP numbers followed by the Eurozone preliminary GDP numbers. With the GBP/EUR rate tracking sideways at the moment that data could be pivotal to indicate the next direction.
The GBP/USD rate had a small recovery in the last 24 hours. It's difficult to see if this was anything other than a dead cat bounce at this stage. There are no real catalysts to turn the rate around, although rate moves rarely happen in a straight line.
The news headlines are dominated by Amazon posting their first loss in 7 years from their online sales. However this is cited as being a result of the global economy coming out of the lockdown induced hubris around buying from home.
Overall there is now increasing talk of smaller companies starting to feel the pinch. Especially in construction and hospitality. Whilst there are a record number of overall vacancies and very low unemployment, rising costs and a shortage of employees in specific sectors is starting to cause issues.
From a UK perspective all eyes will be on Friday 5th May. The Bank of England will be setting the interest rate and economists are predicting another rate hike to 1% to kerb inflation. Interesting times ahead.
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
GER: 09:00 Preliminary GDP Data
EUR: 10:00 Preliminary GDP Data
CHN: Saturday 02:30 Manufacturing Data
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