The pound is still strong against the US dollar on a weekly and monthly footing, after rising to its strongest level in a year on Wednesday. Sterling also maintains gains from this week’s rally against the euro and currently boasts monthly gains of nearly 1 per cent against the single currency.
All eyes will be on the pound today as markets await what is predicted to be the Bank of England’s twelfth interest rate increase.
The latest US inflation rate had positive impact on US equities yesterday, with stocks rising as inflation cooled. The Dow Jones gained over 200 points while the S&P 500 rose nearly 1 per cent. Read on for the inflation results.
It was a different picture for European equity markets though – which took a turn for a lower finish in Wednesday’s afternoon trading session. The benchmark Stoxx 600 and the German DAX down 0.3% each.
On the data front, markets can expect plenty key economic releases between now and Friday. US initial jobless claims and monthly producer price inflation will both be released today at 1:30pm – UK time.
Tomorrow, pound watchers will have lots to digest with the UK’s monthly, quarterly and yearly, GDP figures all scheduled for release at 7am.
Industrial production, manufacturing production and balance of trade will also be released at the same time.
In the eurozone, markets will also see inflation data for France, and Spain tomorrow.
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