Let's get straight into it. The Pound took a bit of a bashing over the weekend and yesterday. Although it was a bank holiday in the UK the FX markets were still open and Sterling was out of favour. Against the Euro it's slid back to the middle of the mid term range and against the Dollar it's looking very weak, getting close to those 2020 lows again.
Business news continues to track the cost of living situation. The focus this morning has been on how businesses will cope with a 300% rise in energy costs. The obvious answer is to pass the increases on to consumers. However that only works if the consumers continue to buy the goods or services. Pubs are one of the sectors that are calling for immediate help as they fear consumers will turn to socialising at home if they have to pass on rising costs.
Today sees a good deal of data out throughout the day starting with the UK's consumer credit and money supply. This is followed by European consumer confidence. There's also German inflation numbers and US consumer confidence. It doesn't finish there though. The early hours of tomorrow sees the UK's BRC shop price index, Japanese retail numbers and manufacturing data out from China. Something for everyone in the next 24 hours.
Today’s Economic Calendar
UK: 09:30 Consumer Credit and Money Supply
EUR: 10:00 Consumer Confidence
GER: 13:00 Inflation Data
US: 15:00 Consumer Confidence
UK: Wednesday 00:01 BRC Shop Price Index
JPN: Wednesday 00:50 Retail Sales
CHN: Wednesday 02:00 Manufacturing Data
As ever we look forward to keeping you in the loop and look out for our next update.
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