020 7898 0500Yesterday saw UK Purchasing Managers’ Index (PMI) data for construction released at a figure much better than expected – giving sterling the chance to claw back some ground against the US dollar during early morning trading. However, worse than expected figures in the Eurozone Consumer Price Index (CPI) year-on-year, gave the dollar chance to strengthen and claw back any gains.
Sterling is very close to its weakest level in nine months against the US dollar If this is breached then we will be seeing levels not previously seen against the US dollar for five-and-a-half years.
Today’s economic calendar brings us Eurozone Market Purchasing Managers’ Index (PMI) in the morning, and US Market PMI in the afternoon – alongside further US data, including the Federal Open Market Committee (FOMC) minutes. Investors are waiting to hear if there is any further news on the US Interest Rate increases, and the pace at which they will be done.
