With the GBP/EUR rate remaining fairly static over the last few days we haven’t had much to report on. However that could all change today with the ECB’s interest rate, monetary policy and press briefing today. These all happen through the course of the afternoon. Consensus, as you would expect, is for little change. However it’s the press conference that could cause some movement in the rate.
It’s been a slightly different story with GBP/USD in recent days with Sterling initially returning to it’s strengthening early in the week and then releasing the gains over the past 48 hours. The movements don’t appear to correspond with any data or global news stories so it looks like trading action only. There was a little speculation around the £10B tax raise for the NHS and social care, but this probably had little impact.
Therefore eyes will be on the ECB data throughout the course of the day and if there are any major movements we will put out a news flash.
Into tomorrow morning keep a close eye out at 7am in the UK when a raft of data is announced including the Manufacturing and Industrial Production figures and month on month GDP numbers.
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: 12:45 ECB Interest Rate Decision and Monetary Policy
US: 13:30 Initial Jobless Claims
EUR: 13:30 ECB Press Conference
UK: 07:00 Industrial and Manufacturing Production