At the halfway point this week already.
Sterling had a steep drop off yesterday compared to both the Euro and Dollar as risk appetite seems to have soured.
GBP/EUR has opened at its lowest since July and GBP/USD has opened at the lowest level we have seen since back in January.
The sell off is due to concerns that the UK inflation will continue to rise, this is likely due to a shortage in petrol across the country as well as rising home energy bills after a surge in wholesale gas prices. With that being said, in a speech on Monday BoE Governor Bailey reiterated that the rise in inflation will hopefully prove to be temporary.
In terms of data for today the main release of note today is the EC Sentiment Indices for September. It is forecast that both the industrial and services sector measures will continue to edge lower even though it is from elevated levels.
While that is going on, the foremost central bankers, Chair Powell (Fed), Governor Bailey (BoE) and president Lagarde (ECB) are taking part in a panel discussion at the ECB Forum on Central Banking, which we will keeping a close eye on.
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
SPA: 08:00 Flash HICP (September)
UK: 09:30 Mortgage Approvals (August)
EU-19: 10:00 EC Sentiment (September)
US: 15:00 Pending Home Sales (August)
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