Firstly we would like to wish everyone a happy and prosperous New Year.
Now down to business. The Pound has continued to sit at the top of the resistance zone against the Euro over the festive period. Attempts for the rate to break out have failed. However the longer the rate remains here the more likely we will eventually see the break out. It still seems to be news stories around Covid that's affecting the markets at the moment rather than schedule news.
Against the Dollar the story remains the same as the pair are still range bound. However the Pound has recovered from it's December weakness that tested the low of the year before rallying back up to the mid range.
Market data has returned after a quiet patch over Christmas. Today we see Consumer Credit info out for the UK and the Institute for Supply Management (ISM) data out for the States.
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
UK: 10:30 Consumer Credit and Markit Manufacturing PMI
US: 16:00 ISM Manufacturing PMI