Sterling enters the day stronger against the euro and US dollar compared to yesterday. The pound has also made gains of well over half a percent against both rivals, respectively, compared to this time last week.
This morning is a busy one for UK data with a variety of economic releases rolling out. One to watch will be the Bank of England’s consumer credit figures for March, which will be released at 9:30 this morning.
The euro enters the day nearly half a percent stronger than the US dollar compared to this time yesterday, after gaining close to one per cent over the course of Wednesday. The EUR/USD rally followed growing anticipation for the Federal Reserve’s interest rate decision. Read on for the results.
All eyes will turn to the European Central Bank (ECB) at lunchtime today. The ECB is expected to raise interest rates by 25 basis points to tame inflation.
This morning, and ahead of the ECB’s announcement, European equity markets headed for a muted open as investors cautiously awaited the ECB’s policy decision.
On the data front, Germany’s trade surplus increased to €16.7bn in March 2023. This was up from €16bn in the previous month and exceeded market expectations of a €16.1bn rise. It was the largest trade surplus in over two years as the country’s exports fell less than imports.
At lunchtime, investors will have more balance of trade data to digest, this time from Canada and the US.
Tomorrow is another big data day for the US, as Nonfarm payrolls and the country’s unemployment rate are both scheduled for release at lunchtime.
Tomorrow, Italy’s retail sales will give markets a picture on the country’s economic activity. For those looking to buy property in Italy, we recommend joining our upcoming webinar this afternoon to learn about the nuts and bolts of purchasing property in Italy. This includes mortgages, taxes and more! Get your e-ticket here.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate; call your Personal Trader on 020 7898 0541 to get started.
