Market insights

America misses GDP expectation - MI310823

The American GDP number was off the consensus. This caused an immediate rally in the Pound that further strengthened gains made earlier in the week. Rates are still well below 2022 levels, but remain buoyant for the year thus far.

Moving onto today it's going to potentially be a big day for GBP/EUR and GBP/USD rates. First up is the preliminary inflation number from the Eurozone. Analysts are expecting annualised growth of 5.1%. Either side of that could cause the Euro to move. Following that there's the ECB's monetary policy meeting accounts at lunch time.

Over in the US the next news out of the traps is personal income and expenditure which expresses what the name suggest. What the average citizen earns and how much they spend.

There's then a couple of speeches from the ECB and the FED before we move into tomorrow.

Friday sees Chinese manufacturing numbers first followed by Nationwide housing prices. For the latter an annual contraction of -3.9% is expected.

Business news centres on the woeful Chinese property sector and the ongoing chaos and expenditure felt by UK passengers still caught up in the travel chaos at airports.

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Economic calendar

EUR: 10:00 Preliminary Inflation Numbers

US: 13:30 Personal Income and Expenditure

US: 14:00 FED's Susan Collins Speech

EUR: 17:00 ECB's Luis De Guindos Speech

CHN: Friday 02:45 Caixin Manufacturing PMI

UK: Friday 07:00 Nationwide House Prices

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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