The European Central Bank chose to keep interest rates unchanged at 4.5% in October and as a result, the euro lost 0.25% and 0.5% against the pound and US dollar, respectively.
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The US dollar gained close to half a per cent against the pound on Wednesday, underpinned by strong manufacturing and services activity data. This morning, the US dollar matched yesterday’s gains, taking sterling to a three-week low.
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In September, UK car production jumped 39.8% year-on-year to 88,230 units. This reflects the strongest month of growth this year and the best since September since 2020.
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The number of people unemployed in France dropped by 15.4 thousand individuals in September 2023, to 2.812 million. This is the steepest decline in unemployment since November 2022.
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Economists expect the US to report an annualized growth rate of 4.3% in the three months to September, after a 2.1% rate of growth in the previous quarter. The main driver of economic growth will be the US…
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The US dollar index (DXY) appears steady this morning after gaining 0.6% on Tuesday. This movement was underpinned by strong US manufacturing and services data that provided further proof of the US economy’s resilience.
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At 9am this morning, Germany’s IFO survey which reflects the business climate is expected to fall ever so slightly from 85.7 in September to 85.3 in October.
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The pound lost 0.5% against the euro and US dollar in Tuesday’s session amid business activity contractions and a labour hiring freeze. The likelihood of a mild recession for the UK seems to have escalated.
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