Friday saw a big shift for the Pound as the Prime Minister, Liz Truss, sacked the Chancellor, Kwasi Kwarteng. Whilst that didn't end up being positive, the introduction of Jeremy Hunt as Chancellor was seen as positive. Early trading today has seen the Pound gain against both the Euro and the Dollar.
Furthermore the new Chancellor is due to make a statement later when it's expected there will be announcements on spending and tax. The markets will be keen to follow up on whether any announcements are fully costed.
Besides the statement from the Chancellor there's a couple of speeches by members of the ECB today. However it's the early hours of tomorrow that should see the highest volatility as it's Super Tuesday in China. They are releasing their GDP numbers, there's a National Bureau of Statistics press conference, retails sales data, industrial production numbers, import and export data and trade balance. Busy night ahead.
Today’s Economic Calendar
EUR: 09:00 ECB's Luis de Guindos Speech
EUR: 16:00 ECB's Philip Lane Speech
CHN: Tuesday 03:00 GDP Number
CHN: Tuesday 03:00 NBS Press Conference
CHN: Tuesday 03:00 Industrial Production
CHN: Tuesday 03:00 Retail Sales
CHN: Tuesday 03:00 Imports and Exports
CHN: Tuesday 03:00 Trade Balance
As ever we look forward to keeping you in the loop and look out for our next update.
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