Yesterday’s headline data came in pretty much as expected:
GER: Harmonised Index of Consumer Prices 4.1% versus 4% predicted
US: GDP data 6.7% growth versus 6.6% predicted
Therefore there wasn’t much of an effect on rates through the course of the day and the status quo remained.
The good news is that the recent softening of the Sterling rate versus the majors appears to have slowed up which may mean we are reaching an area of technical support. Any fears over returning Covid cases are essentially priced in now so only a change to that news will have an effect over the weekend which will be felt when the markets reopen after the weekend close.
Looking ahead there doesn’t appear to be a lot of scheduled data out today or over the weekend. China is celebrating a series of national holidays so Yuan news will be silent.
The only thing that looks to be able to affect the markets will come from global news stories if any occur.
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
US: 14:00 ISM Manufacturing PMI