The short term weakness in the GBP/EUR rate appears to have slowed down for a moment with a little recovery back into the middle of the longer term range. The bump may have been helped with the continuing strength in the property market in the UK. Therefore it's a bit of a coin toss to think where the rate might go in the short term.
Against the dollar things don't look quite as rosy. Although the rate appears to have stopped dropping the great trend is to the downside as the market continues to be risk off around Omicron and upcoming Christmas.
Contributing to this is that international travel seems to be under fire from a number of directions with most countries putting in strict requirements for entry including Spain who have decided unless you're double jabbed you're not allowed in at all.
There's also increased talk around mandatory jabs which is a big step that some of the major economies are putting in place such as the US and Germany.
Sterling versus the Australian Dollar has taken a bit of a turn to the downside in the last week. This was to be expected as the rate had reached 12 month highs again so it needed to strong news story to push it through the resistance that didn't come in.
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
EUR: 10:00 Confirmed GDP data
JPN: 23:50 GDP data