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Good morning,
So the UK put it's interest rate up 0.15% to 0.25%. It looks like inflationary pressure won the battle against most economists (and ours) expectation. It seems 5.1% inflation is just too great a number for the MPC to stomach. That brings us in line with the US but well ahead of the ECB that kept rates at -0.5%. In other words it costs money to deposit with the ECB rather than being paid interest.
There was an immediate jump in the GBP/EUR rate which was given back minutes later so anyone getting a trade from GBP to EUR in that brief moment won out.
Against the Dollar there was also a short term bounce and some of it held so the Pound is back up off it's lows versus the Greenback.
Elsewhere such as the Swedish Krona, Australian Dollar and Canadian Dollar things remain relatively calm and range bound. It would appear the World is on tenter hooks around the Omicron strain and the potential outfall. This seems to be the story that will move the markets next.
Going into the weekend there's not much scheduled news until the early hours of Monday when Rightmove reports there House Price Index and the People's Bank of China (PBoC) releases their interest rate decision.
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
UK: Monday 00:01 Rightmove House Price Index
CHN: Monday 01:30 PBoC Interest Rate decision
