Today is a big day for the Dollar. Lunchtime sees the US inflation numbers. Analysts are expecting annual growth of 6.5%. Anything either side of this could have big ramifications for GBP/USD rates. Recent action has been relatively insipid, so financial data could be the catalyst that's needed to get things going.
Yesterday saw GBP/EUR rates go through a bit of technical trading with the Pound losing ground versus the Euro and the rate touching down onto technical support. The next big move there could come at breakfast tomorrow when the UK releases it's GDP data.
Other than that it's very much US led data throughout the day before China releases it's import and export numbers in the early hours. These numbers are seen as another bellwether of the global economy as many countries rely on Chinese imports for day to day consumable products.
Business news continues in the usual vein with civil servants now going on strike on the 1st February. The latest industrial action will see the likes of HMRC asking for a 10% wage rise against an offered 2 to 3%.
Today’s Economic Calendar
US: 13:30 Inflation Data
US: 13:30 Initial Jobless Claims
US: 19:00 Monthly Budget Statement
CHN: Friday 03:00 Imports and Exports
UK: Friday 07:00 GDP Numbers
UK: Friday 07:00 Manufacturing and Industrial Production
As ever we look forward to keeping you in the loop and look out for our next update.
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