Over the course of yesterday sterling was choppy against the dollar but ended the day marginally up from where it started. It was a similar story for the GBP/EUR rate which ended the business day largely unchanged from where it began.
Yesterday, markets saw the UK’s final PMI data for October which came in slightly better than expected. The index was revised slightly higher to 46.2 in October 2022 from a preliminary estimate of 45.8, however this still points to the steepest contraction since May 2020.
Britain’s former health secretary Matt Hancock has been suspended as Tory whip following news that he will be entering the jungle for this year’s I’m a Celebrity …Get Me Out of Here!
Nationwide’s housing prices fell yesterday, declining 0.9% compared to the previous month. Annual prices for October rose 7.2% however this was lower than market expectations of 8.3%, and the lowest rise since April 2021.
Finland’s prime minister declared “all eyes are now on Hungary and Turkey” in a bid to urge both countries to approve their Nato applications.
Over in the US, the Supreme court’s chief justice John Roberts has temporarily blocked the release of Donald Trump’s tax returns. The decision follows Trump’s petition to review court rulings which allowed the House ways and means committee to receive 6-years’ worth of Trump’s tax filings.
Markets will be listening closely for the Federal Reserve’s latest interest rate. The decision will be made at 6pm UK time today.
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