The department of Labor will release its initial jobless claims data at 1:30pm UK time. The data will provide clues on how many Americans filed for unemployment insurance for the first time over the past week.
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Like the UK, the eurozone will also be quiet on the data front today. The momentum resumes on Friday with Spanish retail sales, Italy's PPI and a speech from the president of the European central bank, Christine Lagarde.
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On Friday, the Office for National Statistics (ONS) will release the latest monthly and yearly GDP figures, which will give markets an idea of the change in the total value of all goods and services produced by the…
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Sterling made gains against the US dollar this morning, however the pound still hovers close to its weakest levels since November last year against the greenback as investors continue to rush to the US dollar.
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The pound fell against the euro and US dollar yesterday, losing about 0.5% and 1.5% respectively from the day’s highs. There has been little movement this morning.
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Senior Bank of England policymaker, Catherine Mann expressed her concern that British companies could possibly be exploiting the cost-of-living crisis to drive inflation-busting price hikes.
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This morning markets heard high-impact economic data from Germany. Retail sales declined 0.3% month-over-month in January, after a 5.3% fall in December. This was highly unexpected as economists had forecast a 2% surge.
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Yesterday Federal Reserve chair Jerome Powell said that the US central bank is likely to increase the pace of rate hikes if incoming data continues to suggest tougher measures are needed to control inflation.
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