German Factory Orders came in well ahead of expectation this morning. Consensus predicted a 2.1% growth and came in at 3.7% growth actual. This caused an immediate drop in the GBP/EUR rate indicating the possibility that the Omicron storm is now getting priced in. Europe seems to be putting out a more positive story now although President Macron's comments in France yesterday caused a stir. This could all see the Euro starting to gain the upper hand again after the Pound failed to break out of the 12 month highs.
There's further German data out later as well with their Inflation data. This could have a knock on effect to the ECB's decision regarding interest rates.
The Pound is also losing strength versus the Dollar which is a further indication that the UK's bullish stance over the Omicron outbreak is getting or has been priced in.
Again, today, there's a raft of US data out including Initial Jobless Claims and the Institute of Supply Management (ISM) releasing their numbers.
Besides the Australian Dollar, the story is repeated against other majors with the fizz coming out of the Pound.
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
GER: 13:00 Inflation Data
US: 13:30 Initial Jobless Claims
US: 15:00 ISM Data
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