GBP/EUR rates start the week relatively quietly. Towards the top end of the very short term range today may well see the rate either break through to the upside or fail at a bit of technical resistance. However with very little scheduled news today it's a but of a coin toss as to what will happen. Possibly a news story will be the determining factor.
GBP/USD is slightly different in that the Dollar made a bit of ground against the Pound in early trading although the very short term pattern is more sideways than anything else. There's a minor piece of US centric news out later so don't expect fireworks here either.
The People's Bank of China kept interest rates at 3.65% overnight which is now, more or less, similar to other developed countries.
Tomorrow morning sees the UK's public sector net borrowing position where analysts are expecting the Government to reveal it borrowed £15.376 billion extra in October. This could very well cause moves for Pound rates if it's much outside of that.
Today’s Economic Calendar
US: 13:30 Chicago Fed National Activity Index
UK: Tuesday 07:00 Public Sector Net Borrowing
As ever we look forward to keeping you in the loop and look out for our next update.
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