USD dips overnight but quickly stabilised

The major focus from yesterday’s trading was the Central Bank meeting in the US, The Federal Reserve. The initial reaction saw USD dip overnight but quickly stabilised. With the overall market reaction being positive but nothing unforeseen to move the currency markets dramatically in the short term. The British pound remains the weakest currency of the week ahead of the Bank of England meeting at noon.

GBPEUR in focus following economic releases

GBPEUR will be in focus today following economic releases across the EU and UK. The EUR failed to move lower and did not manage to break key levels at 1.1611.

Already released this morning was data from Germany which showed an economic slowdown in Germany for September. Citing ongoing disruption to supply chain and manufacturing production. The data also showed concerns around ongoing inflation, which was pressuring business confidence in the EU’s largest economy.

BoE expected to keep interest rates on hold

Looking ahead as mentioned will be focused on the UK economy and the Bank of England meeting. The notes and comments will likely reflect those of Germany and the EU as a whole with concerns on supply chain, manufacturing, and inflation pressures. The Bank of England is also widely expected to keep interest rates on hold at 0.10%.

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