The Pound has held its gains overnight but still pushes against the resistance zone versus the Euro. Against the Dollar its a slightly better story as the recovery continues at a steady pace. It's a similar story against other major currencies such as the Euro Australian and Canadian Dollar.
Business headlines continue to be dominated by the cost of living situation and continuing strikes in an effort for unions to narrow the gap between inflation and wage growth. However the news in the mortgage market is exacerbating the situation with rates starting to jump quickly making it difficult for first time buyers as well as squeezing those renewing their mortgage offers.
Today sees US employment data alongside global services purchase managers indices. The latter captures a snapshot of employment and spend in the services sector. The middle reading for this index around the world is 50. Anything below 50 is seen as negative for the currency in question and vice versa for anything over 50. However this will also be weighed against the currency that the rate is being paired against. As an example if the UK reading comes in at 49.2 and the US number comes in at 49.2 there shouldn't be much effect on GBP/USD rates.
Today’s Economic Calendar
EUR: 09:00 S&P Global Services PMI
UK: 09:30 S&P Global Services PMI
US: 13:15 ADP Employment Change
US: 14:45 S&P Global Services PMI
US: 21:00 FED's Raphael Bostic Speech
As ever we look forward to keeping you in the loop and look out for our next update.
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