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Good morning,
Energy costs pushes the UK's inflation to 11.1%. Analysts had predicted 10.6% growth, but the actual number is even higher. It's estimated that the actual number could be more like 16% for those families in the greatest need also. This will surely lend weight to the Autumn Statement tomorrow to justify the need to raise taxes and cut spending in the UK. The last time inflation in the UK was at these numbers was 1981.
There was an immediate softening of the GBP/EUR rate on the back of the news. However the rate still remains in the overall sideways channel.
Eyes will now shift to the Bank of England's monetary policy report heating later today. There's also a couple of further speeches by members of the ECB.
From a GBP/USD perspective the main scheduled news looks to be the US's retail sales numbers and a couple of speeches from the FED.
The big news on the horizon is the Chancellor's Autumn Statement (although much of that seems to be somewhat common knowledge already).
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Today’s Economic Calendar
US: 13:30 Retail Sales
US: 14:50 FED's John Williams Speech
EUR: 15:00 ECB's Fabio Panetta Speech
EUR: 17:00 ECB President, Christine Lagarde's Speech
US: 19:35 FED's Christopher Waller Speech
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As ever we look forward to keeping you in the loop and look out for our next update.
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