The new chancellor will be unveiling his package of growth measures shortly, and this could easily move GBP. There has already been plenty of action in the currency markets this morning, with the pound falling sharply against the US dollar.
Yesterday’s split decision from the MPC and relatively conservative 0.5% rise in interest rates has not helped sterling. Neither has the BoE’s suggestion that the country is already in recession.
Data this morning has Gfk Consumer Confidence down to its worst since they started measuring.
We will shortly be hearing PMI data, but the markets will be more focused on parliament, where Kwasi Kwarteng us due to speak at 9.30. Will there be a rabbit pulled out of the hat to surprise the financial world?
GBP/EUR past year