GBP/USD continues to favour the Pound as US inflation came in slightly better than expected yesterday indicating the FED may ease off on further interest rate hikes.
The UK set out it's preliminary GDP data at breakfast this morning showing a quarter on quarter -0.2% contraction. If the fourth quarter comes in similar the UK will be in a recession. The Bank of England is actually expecting a 2 year long, deep recession for the UK. The economy hasn't recovered to pre pandemic levels.
GBP/EUR is a different story as rates remain in a sideways pattern although the Pound looks weaker rather than stronger versus the Euro. With a number of speeches by members of the European Central Bank we could see Euro rates move today. There are also a couple of speeches from the Bank of England.
Business headlines are already looking towards the UK's Autumn statement on Thursday 17th November which has been moved forwards and backwards over the last month as the UK has swayed between spending and cost cutting.
Today’s Economic Calendar
EUR: 12:00 ECB's Luis De Guindos Speech
EUR: 12:00 ECB's Fabio Panetta Speech
UK: 13:10 BoE's Silvana Tenrayro Speech
UK: 16:00 BoE's Jonathan Haskel Speech
EUR: 16:00 ECB's Philip Lane Speech
As ever we look forward to keeping you in the loop and look out for our next update.
Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.
Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.