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Good morning,
European Markit information is coming in this morning. Markit is seen as a good reflection of the real economy as it's independent and works with global manufacturing and services companies so it's seen as more ear to the ground than other, more academic sources. So far the European numbers are coming in ahead of expectation which has seen a softening of the Pound versus the Euro first thing. However the UK's numbers are out later so things may balance up.
The Pound is also temporarily weakening against the Dollar so it will be interesting to see how long lived this is.
As we expected the Pound didn't really break out versus the Euro so there was always a chance of a drop back from the technical resistance line.
The headline of todays press releases is President Biden's speech later this evening.
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: President Biden's speech
