The GBP/EUR rate has popped first thing this morning and is really banging it's head on the top of the mid term range. With a bit of Euro and UK data out this morning this will be an interesting day to see if the quick rally holds or is given back.
Other than the burst of GBP/EUR exuberance this morning the overall markets remain similar to yesterday although the Pound has gained a bit of footing versus the Canadian and Australian Dollar.
At the moment business news is very firmly focused on rising household energy costs. Both as an off shoot of higher oil and gas prices but also the UK's dependence on these forms of energy. The big talk is increasing the number of nuclear facilities in the UK but projects of that nature won't help the average consumer in the near term.
And with analysts predicted the UK inflation numbers to be 6.6% next Wednesday when they are published it looks like tight times ahead for spending in the UK.
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 Retail Sales
EUR: 12:30 ECB Monetary Policy Meeting Accounts
UK: 13:15 BoE's Huw Pill Speech
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