Sterling fell under pressure on Wednesday with GBP/EUR falling to its lowest rate in a month.
Also on Wednesday, UK health secretary Steve Barclay doubled down on the government’s decision not to negotiate on pay with NHS staff on strikes. As a result, half of Britain’s ambulance drivers walked out.
In Brexit news, the High Court has ruled the Home Office EU settlement scheme as unlawful. The scheme which requires millions of EU citizens to re-apply for the right to live in Britain under “settled status” was criticised yesterday.
Spain’s economy is expected to expand to 3.8% year-on-year in the latest GDP data. This follows previous GDP data which revealed the weakest growth rate since the first quarter of 2021. The data will be released on Friday.
Canada’s annual inflation rate was released yesterday. The rate rose to 6.8%, marginally higher than market expectations of 6.7% but easing slightly from the 6.9% in the month prior. The rise marked the slowest pace of price growth since April, while consumer costs also rose at a slower pace.
Over in the US, several key releases are scheduled in for the end of the week. On Friday, markets will see the latest in personal income, personal spending and durable goods orders.
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