Eurozone preliminary inflation numbers came in higher than the expected 8.2% at 8.5%. This looks to have contributed to the mild recovery in Sterling in the last 24 hours. The sharp drop on Wednesday for GBP/EUR has settled down now and the rate has started ticking back up again.
With little UK or EU news out before the weekend we aren't expecting fireworks here unless there's a global news story to come out such as further information around the Northern Ireland deal.
GBP/USD has a fairly correlated path to GBP/EUR also as it stands. However it's US led news out today that could push this rate around.
The services purchasing managers index is first out of the traps, and this is followed by the FED's monetary policy report. On the back of the report there's a raft of speeches from the FED which could obviously affect USD rates against both the Pound and the Euro.
Business news remains in a similar vein focusing on energy prices. However an emerging story is the scarcity of fresh produce in supermarkets. Bare shelves heightens demand which could also push prices up.
Today’s Economic Calendar
US: 15:00 ISM Services PMI
US: 16:00 FED's Monetary Policy Report
US: 16:00 FED's Lori Logan Speech
US: 16:45 FED's Raphael Bostic Speech
US: 20:00 FED's Michelle Bowman Speech
As ever we look forward to keeping you in the loop and look out for our next update.
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