Following the UK's inflation number coming in at 8.7% annualised growth yesterday it seems nailed on that the Bank of England will hike rates by a further 0.25% today. The question is whether they go further and raise it by 0.5%.
The rate hike is voted on by the Monetary Policy Committee where the vote is expected to be 7 to 2 in favour of 0.25%. That could be the decisive information that has the overriding effect on the Pound.
The Pound fell away from year highs yesterday giving up ground to most majors including the Dollar and the Euro as reality kicked in that UK inflation is rampant that could have longer term effects on the economy.
Besides the interest rate decision at lunch time there's testimony from the FED Chair, Jerome Powell, and Eurozone consumer confidence. There's also US initial jobless claims. Tomorrow morning also sees UK retail sales numbers out so could be a bumpy 24 hours.
Mortgages are the centre of attention in business news with consumers under pressure to sign up to new deals as quickly as possible.
UK: 12:00 Interest Rate Decision
UK: 12:00 MPC Vote Count
US: 13:30 Initial Jobless Claims
US: 15:00 FED's Jerome Powell Speech
EUR: 15:00 Consumer Confidence
UK: Friday 07:00 Retail Sales