The pound and euro have maintained gains against the US dollar. Both currencies are currently trading considerably higher against the dollar when compared to this time last month.
This could have been influenced by pressure on Wall Street yesterday as key stocks The Dow, Nasdaq and the S&P 500 respectively lost points.
German factory orders may have also boosted the euro yesterday as data revealed factory orders rose above estimates of 0.1%. This is the first time that orders have grown since July.
The Competition and Markets Authority accused fuel retailers of “rocket and feather tactics” yesterday, following record prices this year and revealed it’s to investigate further.
Meta, previously Facebook, fell more than 5% yesterday following a report on an EU declaration which noted Facebook and Instagram should not require users to consent to personalized ads.
The Bank of England recently raised interest rates by 75bps to 3%, following a majority vote. At midday today, we will receive an update on this from Phil Evans.
Today, chancellor Jeremy Hunt is expected to discuss aid for mortgage borrowers in his first talks with chief executives.
As for data yesterday, US markets heard the US trade gap widened to a four-month high of $78.2bn in the month of October. This was over $5bn higher than the forecast -$73bn.
In the Euro area, Construction PMI fell the most it has since early May 2020. This decline is the seventh most consecutive monthly contraction across the sector. This decline is believed to be led by housing and civil engineering.
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