The Pound took a tumble yesterday afternoon against the Dollar. The US economy continues to defy expectations and delivered another set of better than expected numbers. Employment change was expected to be positive 150k, but actually came in at positive 235k.
In the UK it was a less than salubrious start to the day. The Halifax reported a further slowing down of the housing market with a month on month contraction of -1.5% and year on year growth of just 2%. However their are reports coming through that banks may enter into price wars for mortgage rates which could encourage buyers.
Today sees the Eurozone release it's preliminary inflation numbers with analysts expecting a reading of 9.7% growth. Anything either side of that could well affect GBP/EUR.
The big news out today though is the non farm payrolls in the States. This is the reading of non seasonal job changes for the worlds largest economy. Analysts are expecting 200,000 jobs to have been added in December.
There's also Canadian job data out and US services data out so expect a volatile day. And if that wasn't enough there's a whole raft of FED and ECB speeches through the evening.
Today’s Economic Calendar
EUR: 10:00 Preliminary Inflation Numbers
US: 13:30 Non Farm Payrolls
CAN: 13:30 Employment Change
US: 15:00 ISM Services PMI
US: 16:15 FED's Raphael Bostic Speech
US: 16:15 FED's Lisa Cook Speech
EUR: 16:15 ECB's Philip Lanes Speech
US: 17:15 FED's Thomas Barkin Speech
US: 18:00 FED's Esther George Speech
As ever we look forward to keeping you in the loop and look out for our next update.
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