Yesterday was a choppy day for UK politics. However the good news is that this didn't really affect Pound rates which is slightly unusual based on recent events. GBP/EUR was particularly quiet as the rate touched a very short term level of support that has been hit 4 times in the last 3 days. However volume is also starting to slow down slightly after a hectic couple of weeks. This combined with the range tightening is interesting. There are the earmarks of a potential big shift from a technical perspective. However it must be noted that most of the big moves recently have been news led.
Business news is centred around the usual stories at the moment with rail workers announcing their scheduled strikes in early November continuing their industrial action. However, interestingly, it's the Hong Kong stock index that's getting a bit of focus. The index reached 2009 levels overnight as investors start to react to a global slowdown.
Other than that the rate to watch today will be GBP/USD. This has been in a choppy, sideways pattern for a week and the rate is towards the bottom of that very short term range. Today sees US centric news which is why that rate is in the spotlight. First it's jobless claims followed by home sales and then moves to a number of speeches by members of the FED.
The UK takes over at midnight with consumer confidence straight out of the traps followed by public sector net borrowing and retail sales numbers whilst we're enjoying our breakfast.
Today’s Economic Calendar
US: 13:30 Initial Jobless Claims
US: 15:00 Existing Home Sales
US: 18:30 FED's Philip Jefferson Speech
US: 18:45 FED's Lisa Cook Speech
US: 19:05 FED's Michelle Bowman Speech
UK: Friday 00:01 Gfk Consumer Confidence
UK: Friday 07:00 Public Sector Net Borrowing
UK: Friday 07:00 Retail Sales
As ever we look forward to keeping you in the loop and look out for our next update.
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