Market insights

Expect potential big moves in Euro rates today - Market Insight 31st July 2023

GBP/EUR has been locked in a sideways pattern for the past few days. This may all change today. Mid morning sees preliminary GDP and inflation numbers out from the Eurozone. Analysts are expecting annualised growth of 5.4% for inflation and 0.2% quarter on quarter growth for GDP. The latter is borderline flat or even negative so this will be closely watched.

From the UK's perspective there's little scheduled news. However the early hours of tomorrow sees the Nationwide house prices and the BRC shop price index. The shop price index is the one that could have a bearing on GBP rates.

Also in the early hours of tomorrow there's the Reserve Bank of Australia's interest rate decision where the expectation is for a 25 point hike to 4.35%.

GBP/USD also looks largely unaffected in early trading after the huge volatility last week following the FED's interest rate decision.

Business news continues with industrial action as train workers stop overtime which will disrupt rail services throughout the week.

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Economic calendar

EUR: 10:00 Preliminary Inflation Data

EUR: 10:00 Preliminary GDP Number

UK: Tuesday 00:01 BRC Shop Price Index

UK: Tuesday 00:01 Nationwide House Prices

AUS: Tuesday 05:30 RBA Interest Rate Decision

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

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