Market insights

Pound Leaps Against The Euro - MI011123

Yesterday saw the Eurozone report a harmonised inflation number of 2.9% annualised growth versus an expected 3.1% and a quarterly GDP contraction of -0.1%. This takes pressure off the ECB to continue hiking rates as it hits them twice to either keep rates the same or even lower rates, and bolster the economy respectively.

This caused the Pound to jump versus the Euro.

Today it's the Dollars turn.

This evening sees the FED's interest rate decision. The consensus is we've seen the top for now with the expectation that rates will remain at 5.5%. This is followed by the Federal Open Market Committees press conference. Could be a lively evening.

In other news we saw a big turn around in the UK housing market. The Nationwide reported monthly growth of 0.9% versus an expected contraction of -0.4%. Welcome news for worried homeowners.

Besides the rate decision there's also manufacturing data out from the States and speeches from the Bank of Canada before Australian import and export data along with their trade balance. Buckle up.

Business news reflects on the state of county councils and the potential for wholesale bankruptcies in that area which often goes hand in hand with a downturn in the economy.

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Economic calendar

US: 14:00 ISM Manufacturing PMI

US: 18:00 Interest Rate Decision

US: 18:30 FOMC Press Conference

CAN: 20:15 BoC's Tiff Macklam and Carolyn Rogers Speeches

AUS: Thursday 00:30 Imports and Exports

AUS: Thursday 00:30 Trade Balance

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

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