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The success of DeepSeek (Chinese rival to ChatGPT) caused billions to be wiped off global stock markets.
If the news proves to be correct, and a subjectively better version of ChatGPT has been built for $6m, then it's a mark of things to come.
The West has always been seen as good at innovation, but the East has proven to be great at designing to manufacture.
In other words the West historically comes up with great ideas, then the East reproduces it for a fraction of the cost.
With all of the rhetoric surrounding AI over the past few days this is significant news.
Whilst global stock markets are all over the place, the currency markets remain stable for now and the Pound continues to hold recent gains.
There's plenty of scheduled news today to affect GBP/EUR and GBP/USD.
First out of the traps is durable goods orders in the US followed by a speech from the ECB President, Christine Lagarde.
Into the early hours there's a report in the UK regarding retail sales, so a busy 24 hours.
Australian inflation will dominate early trading tomorrow with annualised growth of 2.5% expected down under.
Business news is awash with the DeepSeek story with the US President, Donald Trump, issuing a warning to business over the outfall.
US: 13:30 Durable Goods Orders
EUR: 17:00 ECBs Christine Lagarde Speech
UK: Wednesday 00:01 BRC Shop Price Index
AUS: Wednesday 00:30 Inflation Report
As ever we look forward to keeping you in the loop and look out for our next update.
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