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The UK Prime Minister, Rishi Sunak, set out what looked to be a fairly tough stance in his speech yesterday. The main note to take away was the scrapping of part of the HS2 rail project in favour of more localised schemes. The thought process is this frees up a sizeable lump of public expense budget paving the way for potential tax breaks in the near future. Whilst it didn't have a huge effect on Pound rates it furthers the view that the UK economy might be starting a recovery phase after a difficult run led by housing and inflation.
Today it's all about speeches from the ECB and the FED which could lead to moves in Euro and Dollar rates. Throughout the day they will be happening so could cause volatility.
There's Halifax house price data out at breakfast tomorrow so that could be the next driver of changes to Pound rates generally.
Business headlines centre on a related topic. It's now estimated that the average number of viewers of rental property in the UK is 25. This further underpins a potential turnaround in the property sector as demand would appear to be out stripping supply therefore could push rental prices up which could encourage buy to let landlords.
EUR: 10:00 ECB's Philip Lane Speech
US: 13:30 Initial Jobless Claims
US: 14:00 FED's Loretta Mester Speech
EUR: 15:00 ECB's Luis De Guindos Speech
US: 16:30 FED's Thomas Barkin Speech
US: 17:00 FED's Mary Daly Speech
UK: Friday 07:00 Halifax House Prices
As ever we look forward to keeping you in the loop and look out for our next update.
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