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After pressing 5 times this month the rate finally broke to the upside.
The German inflation data came in as expected, so shouldn't really have rocked the boat.
However it was around the same time the Pound went off to the races.
It could have been a technical breakout as sell orders finally ran out of steam allowing the buy orders to take hold.
Maybe it's also because the German data was the only possibility of stopping a rate cut by the ECB tomorrow which looks nailed on for a 25 point cut.
Today will be telling to see if the rate holds as there is no Eurozone or UK scheduled news.
Todays news is dominated by the US with their inflation report out at late lunch.
Analysts are predicting annualised growth of 2.7%, so this will be a closely followed number.
That's closely followed by the Bank of Canadas interest rate decision where a whopping 50 point cut is expected to stimulate growth.
Business news covers the plight of UK renters. Zoopla have reported an estimated average of £270 has gone onto monthly rental prices since the pandemic.
However that's probably less to do with the pandemic and more to do with interest rates and inflation....
US: 13:30 Inflation Report
CAN: 14:45 BoC Interest Rate Decision
As ever we look forward to keeping you in the loop and look out for our next update.
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