Following the short term volatility felt yesterday morning on the back of the Markit information broadcasted for Europe, the UK and the US, things have calmed down. This was helped by all countries reported on came in slightly ahead of expectation so there were no clear winners or losers.
This means the GBP/EUR rate has crept back towards the resistance zone and it becomes a cat and mouse routine on whether it fails or breaks out. At this stage it looks most likely that Covid will play the hand in creating the bigger move. Boris Johnson remains bullish in his stance regarding the UK's ability not to return to a national lockdown whilst Europe has a series of hot spots developing resulting in lock downs and protests. The other possibility that could overshadow events might be any return to restrictions in international travel.
Today sees a return to the usual US led data with Durable Goods Orders, preliminary GDP numbers, Michigan Consumer Sentiment Index and the FOMC minutes all out today. Looking further ahead there's German GDP numbers out at breakfast tomorrow all which could have some effect on the markets.
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: 13:30 Durable Goods Orders, preliminary GDP numbers
US: 15:00 Michigan Consumer Sentiment Index
US: 19:00 FOMC minutes
GER: Thursday 07:00 GDP numbers