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For access to your online account please contact your personal account manager, alternatively email team@regencyfx.com.
Good morning,
Today could be very interesting for the GBP/EUR rate. Over the past 72 hours the rate has dropped considerably with the Euro gaining strength. Technically it could be profit taking against the Pound as the drop has been relatively sharp. The ECB publishes it's interest rate decision around lunch time. Analysts are predicting the rate will remain unchanged at negative 0.5%. However a change to the interest rate is the lever the ECB can pull to curb hot inflation numbers.
If the ECB hikes it's interest rate then expect the Euro to rally further against the Pound.
The other big news story is the oil price. Running North for the past two weeks on the back of the Russian invasion of Ukraine there was a reprieve overnight as the UAE approved increases in supply. This will help the West move away from Russia as a supplier of oil. The price per barrel dropped as much as 17% at one point and the price (at time of writing) is $108 per barrel well below the recent peak of $125 per barrel.
We will be keeping an eye on the Dollar today also as the US releases it's inflation numbers in the afternoon. However the Pound is likely to be more affected by the UK GDP numbers out at breakfast time tomorrow.
It's the Ukraine situation dominating headlines as to be expected with more civilian buildings being destroyed by the Russian military including a children's hospital. Utterly devastating and will put further pressure on global governments to ratchet up sanctions and provide aid to the area.
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: 12:45 ECB Interest Rate Decision
US: 13:30 Inflation Data
EUR: 13:30 ECB Press Conference
UK: Friday 07:00 GDP Data
GER: Friday 07:00 Inflation Data
