First a catch up on the raft of data out yesterday and this morning so far.
The ECB interest rate decision was to leave the rate at negative 0.5%. Initially this caused a sharp drop in the GBP/EUR rate. However the rate bounced immediately back to where it had traded before the decision.
US inflation came in at a whopping 7.9%. However this was as per analysts predictions meaning the Pound still looks weak versus the Dollar at the moment.
The UK month on month GDP out this morning showed growth of 0.8% against a predicted 0.2%. However this has done little for the GBP/EUR rate where short term momentum is to the downside.
German inflation came in exactly in line with predictions at 5.5%.
The price of oil has calmed considerably now with global suppliers signing up to increased production to offset any pain from Russia....however, as per normal this hasn't been reflected at the pumps yet. Barrel price hikes seem to be reflected in the price of petrol immediately but the price drop doesn't necessarily seem to happen as quick.
Today it's all about US led data with the Michigan Consumer Index out early afternoon followed by the President, Joe Biden, giving a scheduled speech later in the day.
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
US: 15:00 Michigan Consumer Index
US: 15:15 President Joe Biden's Speech