Market insights

Has The Pound Run Out Of Steam - MI081223

After a period of ascension it looks like the Pound has met some resistance versus the Euro.

For the last 3 weeks the Pound has been steadily gaining versus the Euro. However recent sessions have put a halt to that.

It looks like it's only the UK's consumer inflation expectation out later that might affect things today.

The biggest news today is it's the US non farm payrolls out after lunch. This is the bellwether of the US economy and indicates the true situation of the US job market removing seasonal fluctuations. Analysts are expecting job growth of 180,000 so anything significantly either side of that could affect GBP/USD.

There's also the Michigan consumer sentiment index out in the States later, so it could be a bumpy ride for the Greenback today.

Going into tomorrow there's Chinese inflation where it's expected they will show annualised contraction of -0.2%.

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Economic calendar

UK: 09:30 Consumer Inflation Expectation

US: 13:30 Non Farm Payrolls

US: 15:00 Michigan Consumer Sentiment Index

CHN: Saturday 01:30 Inflation Number

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

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