The Euro inflation data came in in line with expectations yesterday meaning there was little shift in the GBP/EUR rate.
However that all changed this morning as the UK's Retail Sales numbers came in well below expectation. Analysts were predicting a -0.6% contraction month on month but a 3.4% growth year on year. In actual fact the numbers came in at -3.7% contraction month on month and a -0.9% contraction year on year. This has resulted in a quick pull back in the GBP/EUR rate which has really come off the boil.
The same has happened against all the major currencies as the Pound looks set to end the week looking weak.
The ECB President, Christine Lagarde, is giving a speech later. What effect this has on the Euro rate is yet to be seen.
Other than that there's Euro Consumer Confidence Data out this afternoon and a raft of manufacturing data out at breakfast time on Monday.
We are closely following the political situation here in the UK. The tide seems to be washing both in and out over Boris Johnson at the moment. He looks like a tough cookie to sink so we're not anticipating this will be the end of the PM....for now.
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: 12:30 ECB President Lagarde speech
EUR: 15:00 Consumer Confidence
GER: Monday 08:30 Manufacturing Data
EUR: Monday 09:00 Manufacturing Data
UK: Monday 09:30 Manufacturing Data