Sterling’s gains seemed to be short-lived as yesterday's gains came against a backdrop of high inflation and soaring energy prices.
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Although sterling kept its fighting attitude over the course of yesterday as it maintained gains against both the euro and US dollar, this morning has seen the pound relinquish those gains.
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The currency markets didn’t seem to know whether they were coming or going at the start of trading in 2023. The pound looked liked it had fallen off a cliff against the US dollar yesterday morning, but has…
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There was volatility on the US stock market as The Dow lost an almost 200-point gain and crossed into negative territory.
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The German inflation rate fell from 10% in November to 8.6% in December 2022. This rate was below market forecasts of 9.1% and is the lowest rate Germany has seen since August last year.
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As market doors opened yesterday, the pound made marginal losses against the US dollar but quickly regained its strength throughout the course of the day.
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The pound and euro lost sharply against the US dollar at the start of trading yesterday but have recovered those losses this morning.
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The eurozone's services PMI which tracks variables such as sales, employment, inventories and prices is expected to rise to in Wednesday's release in line with preliminary estimates.
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