Inflation data expected to give markets some movement today
21 May, 2013
Graham Harborne
Yesterday was a very subdued day in the currency markets with very little data out in any of the major economies. This set the precedent for the day and currencies remained in a tight range throughout, though sterling did end the day slightly higher against both the euro and dollar. Today however sees the release of a raft of important inflation data from both the UK and Europe along with some retail data releases. We have already seen German PPI released this morning which came in slightly worse than expected. Big swing in the market ? Not as yet as at 9:30 we have UK PPI, CPI and retail index all released and this no doubt will give us some direction for the day’s trading. It will be interesting to see how the inflation figure comes in as there has been much debate amongst BoE officials in recent months. Some have called for an extension to QE while others have feared extending QE could see inflation spiral out of control. Though today’s figures are not going to be the be all or end all it will give us an indication as to whether or not the BoE have pitched their policy correctly. Tomorrow sees the release of the minutes from this month’s BoE meeting which will give us further insight to the general consensus on the UK’s current monetary policy. With only minor data releases out from the States this afternoon GBP is likely to be the driving force behind the markets today so do get in touch with your account manager here at Currency Index if you have any near term requirements.
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