The Chinese economy looks to have bounced back after their strict Covid measures. Analysts were expecting 4% annual growth, and the actual number came in at 4.5% growth. This could be a good indicator of the overall global economy. This has had a positive effect on the Chinese Yuan.
Returning back to Sterling it's been a better 24 hours against the Dollar and the Euro. After a tough start to the week the Pound has recovered slightly. However this could all change again in the next 24 hours.
Tomorrow it's all about the UK inflation numbers. If the Bank of England is correct we might see a reduction in the annual growth rate. Last month saw a 10.4% annual growth whereas tomorrow the expectation is for a reduction to 9.8%. This could lead to a rapid reduction over the next few months led by energy prices.
Outside of this it's a continuance of Canadian data where there's inflation numbers this afternoon where the expectation is for a reduction down to 4.2% annual growth. That's followed by another speech from the Bank of Canada's Chair, Tiff Macklem.
Today’s Economic Calendar
CAN: 13:30 Inflation Numbers
CAN: 16:30 BoC's Tiff Macklem Speech
UK: Wednesday 07:00 Inflation Numbers
As ever we look forward to keeping you in the loop and look out for our next update.
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