Today sees a continuance of the GBP short term softness. Against the Euro it seems to have found a technical bottom but that could change quickly as there doesn't appear to be much appetite for buying the pound. It's a similar story versus the Dollar at the moment with the Greenback holding the strength.
Interestingly that remains the case with EUR/USD also where they remain in a a fairly stable rate range against one another.
However there could be potential big news ahead with the FED interest rate decision out later followed by Monetary Policy Statement and press conference. With global shifts towards higher inflation this could be the point where we finally start to see interest rate hikes.
There has also been a number of UK news stories recently around fixed rate mortgages and the provision by banks thereof. This is a typical sign of potential rate moves one way or the other.
COP26 still remains in focus. Although world leaders have now departed the talks continue. Today's goal is around making businesses greener and more carbon neutral. It sounds like there has been positive news out so far with the highlight being the agreement around deforestation particularly in South America and certain parts of Asia.
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
US: 12:15 ADP Employment Change
US: 18:00 Interest Rate Decision and Monetary Policy Statement
US: 18:30 FOMC Press Conference
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