Sterling had a strong day on Thursday in the fall out from US inflation data being lower than predicted. A surge in global stock markets tends to support sterling.
GDP data this morning is mixed, with a 0.6% fall in September being even worse than expected, though hardly coming out of the blue following The Bank of England’s recession warning last week.
The woe has been mounting for the British housing market too, with the RICS House Price Balance at its lowest since June 2020 at -2%. The negative result shows that a majority of RICS’ 134,000 property surveyors see house prices falling.
Next week we’ll hear UK employment data on Tuesday and inflation on Wednesday, then the Fiscal Statement on Thursday.
GBP/EUR over the past year
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