The Pound is currently under fire against the Euro dropping right to the bottom of the mid term range where it's holding for the moment. However a break to the downside could see the rate drop quite a bit further. The next 24 hours will be telling. There's a smattering of Euro news out today but the big catalyst could be the UK's GDP data out at breakfast tomorrow if the rate makes it that far. Consensus is for a 1% growth quarter on quarter and for a 6.5% growth year on year.
Anyone who is looking to convert Euro's to Sterling might want to consider that exchange in light of this rate change.
Against the Dollar it's a different story where the rate has climbed off the low but isn't flying.
The Pound is also weak against the Canadian and Australian Dollar where the trend is steadily bearish at the moment.
Today sees mainly US led data with their employment data and more importantly their GDP data out later today.
Global headlines are more subdued as of this moment with Ukraine and Coronavirus stories showing nothing really new overnight.
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
EUR: 10:00 Consumer Confidence
US: 13:15 ADP Employment Change
US: 13:30 GDP Data
UK: Thursday 07:00 GDP Data
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