This morning saw the UK release its employment data. Generally speaking it all came in ahead of expectation indicating a strong employment market in the UK at the moment. 56,900 people got into the workplace against an expected 38,800. Unemployment went down to 3.7% against an expected 3.8% and the average earnings including bonuses rose by 7% against an expected 5.4%.
This has had a positive reaction for the Pound which has jumped versus the Euro and the Dollar in early trading. The move was somewhat expected as the previous pound weakness wasn't breaking to the downside and the rates had appeared to find technical support.
However it's not all rosy in the markets right now. Rumbles of a UK v Europe trade war are now starting to surface as the UK government indicates it could start overriding parts of the Northern Ireland Protocol. This will almost certainly affect GBP/EUR over the coming weeks.
Today and early tomorrow sees an absolute raft of sensitive data scheduled out. In chronological order we have the Eurozone preliminary GDP numbers, the US retail sales figures, ECB President, Christine Lagarde, giving a speech, the FED's Jerome Powell giving a speech, preliminary Japanese GDP numbers, and if that wasn't enough, the UK's inflation figures out at breakfast time tomorrow. With respect to the UK inflation numbers analysts are predicting growth of 9.1% year on year. Further highlighting the plight of the cost of living situation.
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.
Today’s Economic Calendar
EUR: 10:00 Preliminary GDP Numbers
US: 13:30 Retail Sales Data
EUR: 18:00 ECB Christine Lagarde Speech
US: 19:00 FED Jerome Powell Speech
JPN: Wednesday 00:50 Preliminary GDP Data
UK: Wednesday 07:00 Inflation Data