Market insights

ECB Press Conference Bolsters Pound - MI260124

Yesterday saw a relatively conservative press conference from the ECB following their interest rate decision.

This caused the Pound to break through the technical resistance to the upside and hold.

This mornings slightly better than expected consumer confidence reading in the UK will have strengthened that break.

Now it becomes a bit of a cat and mouse story for economic outlooks. More importantly, which story do you believe. There are forecasts that indicate the UK is underperforming most developed countries and others that suggest the UK is quietly weathering the recent economic turmoil better than others.

It's complicated.

Generally the market reacts to facts rather than forecasts, and it seems it's easy to back forecasts with statistical long as all the variables are put into the equation, which is often not the case.

Getting back to today it's only the Dollar that's really in the spotlight with personal income and expenditure being reported just after lunch.

Business news is very thin on the ground. The Post Office debacle rumbles on and trade talks with Canada have been suspended, but the other headlines appear to be fillers to cover the gaps.

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Economic calendar

US: 13:30 Personal Income and Expenditure

As ever we look forward to keeping you in the loop and look out for our next update.

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