Big day today for the Pound. At early lunch there's the Bank of England interest rate decision. With yesterdays inflation number of 10.4% it looks nailed on for the expected 0.25% hike to 4.25%. However it might not be that nailed on. The expectation is for the monetary policy committee (MPC) to vote 6 to 3 in favour of the hike. That's a shift from the 7 to 2 last time around. It's probably the vote count that will affect Pound rates the most....unless there's no hike.
There's also the monetary policy summary at the same time.
Last night the FED raised their rate by the expected 25 points to 5% which bolstered the Dollar versus Sterling. GBP/EUR is a different story though as the Euro continues it's short term dominance over the Pound.
Data in the next 24 hours doesn't stop there either. US initial jobless claims, European consumer confidence, speeches by the ECB, Japanese inflation numbers, UK consumer confidence and UK retail sales numbers pepper the schedule. Buckle up for potential volatility.
Business news has a bit of light today with the scheduled strikes on trains suspended. This combined with a deal for Scottish nurses being accepted may be the start of the end of industrial action.
Today’s Economic Calendar
UK: 12:00 BoE Interest Rate Decision
UK: 12:00 MPC Vote Count
UK: 12:00 Monetary Policy Summary
US: 12:30 Initial Jobless Claims
EUR: 15:00 Preliminary Consumer Confidence
EUR: 15:00 ECB's Philip Lane Speech
JPN: 23:30 Inflation Data
UK: Friday 00:01 Gfk Consumer Confidence
UK: Friday 07:00 Retail Sales
As ever we look forward to keeping you in the loop and look out for our next update.
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