Market insights

Massive 24 Hours For The Pound - MI171023

Pound news.

Firstly, average earnings growth in the UK is now above inflation. This is the first time since 2021. Average earnings grew at 7.8% annually against an annualised inflation number of 6.7%. This led to a drop in Pound rates when reported as it puts less pressure on the Bank of England to hike rates.

Secondly, there's the UK's latest inflation number out at breakfast tomorrow. Analysts are expecting the annualised growth to have dropped further to 6.5%. This is a key figure. Anything either side of this could have real repercussions for Sterling rates.

Outside of the Pound there's a raft of other news for currency markets. US retail sales numbers, Canadian inflation (4% annualised growth expected), ongoing speeches from the FED and Chinese GDP and retail sales figures in the early hours of tomorrow. Hang on to your hats.

Business news gives more detail on average earnings and some of the reasons around high inflation numbers.

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Economic calendar

US: 13:30 Retail Sales

CAN: 13:30 Inflation Number

CHN: Wednesday 03:00 GDP Data

CHN: Wednesday 03:00 Retail Sales

UK: Wednesday 07:00 Inflation Number

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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