Britain’s month-over-month GDP will be released on Friday.
Today marks another quiet day for UK and eurozone data releases, while US data dominates. In the meantime, Sterling-watchers eagerly anticipate Britain’s month-over-month GDP which will be released on Friday.
On Tuesday, Britain’s Financial Services Minister Andrew Griffith announced that Downing street’s plans to launch a digital pound are slowly underway. Griffith said that refining the design is the bigger priority, rather than a rapid launch.
The finance ministry is set to launch a public consultation on the characteristics of a digital pound in the coming weeks.
The latest balance of trade and industrial production data will take centre stage for the eurozone today. With the Euro Area being one of the world’s biggest players in global trade, market participants will be keen to find out whether the forecasts are accurate.
Despite the rocky road it has been on this week, the dollar held its ground on Wednesday, in spite of downward pressure from lower bond yields and higher stocks.
Though this week’s US consumer price data could be the one to throw the dollar off course, or steer it back on! The data will be released at lunchtime today.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Business Trader on 020 7898 0500 to get started.
GBP: GBP/USD made weekly gains
The pound made weekly gains against a handful of its rivals yesterday, including the Swiss Franc, Australian Dollar and US dollar. Against the greenback, sterling was up nearly 0.8% compared to this time last week.
Similarly, equities in London closed Wednesday’s session on a similar note, with the benchmark FTSE 100 closing near a record high of 7,730 points. The gains were largely driven by gains in real estate stocks.
GBP/USD over the past year
EUR: euro maintains sterling and dollar gains
The euro maintains strength against sterling and the US dollar, sitting in a much better position against the two compared to this time last week.
It is a similar story in eurozone stock markets, as European equity markets rose on Wednesday. The benchmark Stoxx 600 was up 0.4% largely led by gains in retail stocks.
USD: Inflation forecast to cool
This afternoon markets will see if their predictions for annual inflation were accurate. The rate is forecast to slow for a sixth straight month to 6.5%. If it does, this would point to the lowest inflation rate since October of 2021.
The latest data will be released at 1:30pm UK time and markets will be keeping close watch to see how this data impacts a shakier dollar.