All eyes will be on US inflation data today. Due to be released this afternoon, the figures are expected to show that inflation has risen both annually and month-on-month, following a 13-year high in September.
Last week, the Federal Reserve said it will be ‘patient’ when deciding to raise interest rates, despite high inflation. The markets will be watching to see if the inflation figures may push the Federal Reserve to take action sooner than anticipated.
After recovering slightly yesterday, the pound is trading around the same levels against the euro and the dollar. It’s a quiet day for UK economic data releases, however, GDP figures will be released tomorrow morning.
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