The manufacturing climate indicator in France fell to 98 in October from 99 in September. This was slightly below forecasts of 99 and evaluation expectations deteriorated for personal production (5 vs 17) and general production (-10 vs -6).
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While data remains light, GBP/EUR traders seek guidance on the next policy action from the Bank of England, which is seen as a key factor acting as a headwind for the currency pair.
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After UK inflation held steady yesterday at 6.7%, the pound shot up against its major rivals but by the end of the day was unchanged against the euro and down half a per cent against the US dollar.
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This afternoon, US economists will receive the latest figures for US building permit approvals for September. Market forecasts suggest a slight decline from 1.541 million in August to 1.46 million this month.
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The euro gained a modest 0.2% against the US dollar in the Asian session this morning as risk weighs on US investors' minds following upbeat data from China. The spotlight this week remains on Lagarde’s speech and EU/US…
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This morning’s shock pause in UK inflation adds pressure on the Bank of England to bring the rate back down to the 2% target – a rate we’ve not seen since spring 2021.
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UK inflation held steady at 6.7% in September, exceeding expectations of 6.5%. The inflation rate is currently the highest in G7, as transport costs rebounded.
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This morning’s inflation data from the Office for National Statistics will have disappointed the government, which needs it to fall considerably to achieve the target of 5.1% by the end of the year. The figure of 6.7% was…
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