It was a tough day for the Pound yesterday. PMI data in the Eurozone came in better than expected and above the 50 median line whereas the UK's came in below the 50 mark. This appears to have caused a rout in GBP/EUR rates. It was also felt in the GBP/USD rates although this seems to have stabilised somewhat subsequently.
GBP/AUD rates are also trending quickly down. In Australia their inflation numbers came in higher than expected meaning the Reserve Bank of Australia may be more inclined to put interest rates up next time around.
The UK Producer Price Index came in slightly lower than expected at 12.4% meaning there's even more downward pressure on Pound rates.
Today is relatively quiet for scheduled news with GBP/CAD under the spotlight as the Bank of Canada announces it's interest rate decision followed by a press conference later in the afternoon.
Business news continues in a similar vein with the addition of tech company job cuts. Almost across the board from Meta to Microsoft and Spotify to Amazon there's news of 10's of thousands of job cuts which sees a significant shift in global job security.
Today’s Economic Calendar
CAN: 15:00 BoC Interest Rate Decision
CAN: 16:00 BoC Press Conference
As ever we look forward to keeping you in the loop and look out for our next update.
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