Firstly let's look at Sterling versus the Euro. GBP/EUR continues to trade in a range between 1.160 on the downside and 1.172 on the upper side. The rate has been in this range for around 4 weeks now.
Perhaps the UK inflation data out early tomorrow morning could cause a break one side or the other although it would need to be a figure well away from the predicted 2.2% that economists are suggesting.
Over in the US their inflation figures have just been published with a marked increase against expectation. This resulted in a short term bounce in the strength of the USD which is to be expected. However tomorrow morning could see the greenback give back it's gains once the UK inflation data gets released.
For those interested in following the Canadian Dollar (CAD) price please note that the Canadian interest rate decision and subsequent Bank of Canada statement come out at 3pm UK time so expect movement if the decision comes either side of the anticipated sticking to 0.25%.
That's it for today from our analytical team and we look forward to providing you with further commentary shortly.
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Todays Economic Calendar
UK: 00:01 BRC Retail Sales (June)
GER: 07:00 Final HICP (June
FRA: 07:45 Final HICP (June)
US: 11:00 NFIB Business Optimism (June)
US: 13:30 CPI (June)