January may be dragging on in a particularly cold and dreary way this year, in our part of West London anyway, but we are at least seeing green shoots. On the verges and gardens if not the economy.…
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Yesterday the pound lost the gains of late last week against the euro as PMI figures signal the start of a recession for the UK economy.
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This morning economists heard the UK Producer Prices Index Input increased 16.5% year-over-year in December from 18% in November.
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Following UK PMI data yesterday, the single currency gained over 0.5% against the pound but remains steady against the US dollar following a month of slow but steady increases.
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The S&P Global US Composite PMI improved to 46.6 this month from 45.0 in December 2022. This indicated the seventh month of contraction in US private sector activity.
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Dollar-watchers have their work cut out for them this week as there are several releases which could move the dollar’s position against its rivals.
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EUR/USD climbed on Monday as investors continued to bet on ECB rate hikes. As well as this, markets saw the latest consumer confidence reading for the eurozone rise by 1.1 points.
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Today markets will see the latest data from the confederation of British industry. Their businesses optimism index for Q1 will be released at 11am, in addition to industrial trends orders for January.
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