Let's start by recapping the data out this morning.
The Chinese interest rate remain unchanged at 3.85%, so no volatility was caused.
In the UK the inflation rate came in at 3.1% which was 0.1% below the expected number. There was an initial knee jerk to the downside of the Pound rate versus the other major global currencies, but this was very short lived and the rate looks to be recovering as we speak. The reality is that the variance was relatively slight. It will be interesting to see what commentators make of the numbers as they start broadcasting their reports through the morning.
More interesting is the increased chatter around Plan B for Covid rules in the UK. NHS chiefs are pushing for us to reintroduce rules, but the Government appears to be saying no to that at the moment. This is the type of news that could have a significant impact on the Pounds strength so we are across this news at all times.
Overall the Euro continues to remain weak at present which is good for anyone outside the Eurozone looking to purchase property in Spain, Portugal, Italy and Greece.
Looking ahead it's mainly Euro-centric news out today which goes into the early hours of tomorrow morning with the European Council meeting throughout the early hours.
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 Consumer Price Index
EUR: 01:00 European Council Meeting