Today is a big day for news. This could well shape the GBP/EUR and GBP/USD rates going towards the weekend. First is the European Central Bank (ECB) interest rate decision. This is strongly predicted to be hiked by 0.75% (known as 75 basis points) to 1.5%. Any outside of that could cause big moves for GBP/EUR. A lower number should be good for the Pound whilst a higher number should be good for the Euro.
This is very closely followed by a raft of US data. GDP is the headline, but durable goods orders and initial jobless claims are also big news. All of this comes out at the same time just after lunch so expect volatility in GBP/USD then.
If that wasn't enough the ECB then has a press conference followed by a speech from the President of the ECB, Christine Lagarde. We could be in for a real rollercoaster today.
This is all finished off with the Bank of Japan interest rate decision in the early hours of Friday and their press conference at breakfast time tomorrow.
Business headlines are dominated by two energy stories. Firstly there's a report out suggesting the Ukraine conflict is causing the first truly global energy crisis...and the second is that Shell has just reported forecast beating results this morning with £8.2 billion in profits for the third quarter. This will put the oil companies listed on the FTSE under the spotlight again.
Today’s Economic Calendar
EUR: 13:15 ECB Interest Rate Decision
EUR: 13:15 ECB Monetary Policy Decision Statement
US: 13:30 Preliminary GDP Data
US: 13:30 Durable Goods Orders
US: 13:30 Initial Jobless Claims
EUR: 13:45 ECB Press Conference
EUR: 15:15 ECB President Speech
JPN: Friday 04:00 BoJ Interest Rate Decision
JPN: Friday 07:00 BoJ Press Conference
As ever we look forward to keeping you in the loop and look out for our next update.
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