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The US yesterday released it's annualised inflation figure. Analysts had expected a reading of 3.1% and the actual number was 3%. It looks like the FED may have got the US inflation number under control. Now eyes will turn to whether the Bank of England has followed suit.
This further weakened the Dollar versus the Pound as it may result in the FED not making any further rate hikes in the near term.
Better news from this side of the pond this morning where GDP and manufacturing data came in slightly ahead of expectations. The main number being the month on month GDP where there was a -0.1% contraction versus an expected -0.3% contraction.
The Canadian Dollar also remained firm yesterday as the BoC made the expected rate hike to 5%.
Today looks to be relatively quiet for scheduled news. There's the European Commission economic growth forecast and the ECB's monetary policy meeting accounts which could affect GBP/EUR. Anyone watching the Dollar will be interested in the initial jobless claims later and the producer price index where a reading of 0.4% annualised growth is expected.
Business news centres on the upcoming woes expected for the average mortgage holder. The expectation is for £500 per month to be added to the average mortgage bill.
EUR: 10:00 European Commission Ecnomic Growth Forecast
EUR 12:30 ECB Monetary Policy Meeting Accounts
US: 13:30 Initial Jobless Claims
US: 13:30 Producer Price Index
As ever we look forward to keeping you in the loop and look out for our next update.
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