The Pound continued to push higher against both the Euro and the US Dollar following the unexpected wage growth out of the UK, both including and excluding bonuses, it surpassed markets expectations. All eyes will now be on the UK’s inflation data release tomorrow ahead of the BoE’s rate decision on Thursday.
In Europe, weaker than anticipated manufacturing data out of both France and Germany which, in turn, has placed further pressure on the already struggling Euro. The Markets and Investors now await the next set of key data releases to see what direction to head.
Across the pond, the USD has shown continued strength overall supported by the latest PMI data offsetting the weaker than forecast manufacturing data.
Markets now await the all-important interest rate decision out of the US tomorrow , and the FEDs outlook on the future of the rate cutting cycle. It is already priced in to see a cut from the Federal Reserve, and if the cut is expected then the reaction may be somewhat muted, however the comments following could be the movers.