Breakfast saw the Nationwide release it's house price data. It took for a bit of grim reading. There was the first annual decline for 12 years with house prices measured at a contraction of -1.1% compared to February 2022. This follows on form both increasing interest rates and consumers watching their spending.
GBP/EUR and GBP/USD remain in a relatively sideways looking pattern that they have been in since the start of the year. Some moves in both directions but current rates are almost exactly where they were at the start of the year. This highlights the global effect of the aforementioned increasing interest rates and global inflation. It looks like the global zone that manages to crack the nut the quickest might come out on top from a currency perspective.
The interesting Northern Ireland news out from the PM, Rishi Sunak, yesterday may have some effect on improving the Pounds chances as the whole NI debate starts to get a bit of clarity.
Perhaps the Bank of England Governor, Andrew Bailey's, speech later in the morning will start shifting Pound rates.
There will be some view on preliminary German inflation numbers out later this afternoon where analysts are expecting year on year growth of 8.5%. This is followed by the US manufacturing data out later.
Today’s Economic Calendar
UK: 10:10 BoE Governor's Speech
GER: 13:00 Preliminary Inflation Numbers
US: 15:00 ISM Manufacturing Data
As ever we look forward to keeping you in the loop and look out for our next update.
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