Overnight the Japanese and Chinese manufacturing data was mixed. Japan showed worse than anticipated numbers whilst China was ahead of expectations. This has caused a short term rout for the Japanese Yen versus both the Dollar and Sterling.
However business headlines are now being dominated by the global market picture. The S&P 500 in the US (seen as the major bellwether of global stocks) has lost 20.6% in the first 6 months of the year. This is the biggest fall over that timeframe since 1970. US recession is now being predicted by the end of the year as the cost of living crisis continues.
After a good day for the Pound yesterday versus the Euro there has been a short term sell off overnight which has brought the GBP/EUR rate back to the bottom of the recent range.
Today sees European inflation numbers out followed by US manufacturing data which could affect Euro and Dollar rates through the day.
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
EUR: 10:00 Preliminary Inflation Data
US: 15:00 ISM Manufacturing Data