Money News Overview Monday 23rd October 2023: GBP begins the week on the backfoot ahead of important data

GBP begins the week on the back foot, having fallen to its lowest level in five months against the euro last week.

Today is incredibly light on the data calendar with only the EU Consumer Confidence figures due out at 3pm. Confidence is likely to come in weaker than the last month which is no real surprise given the uncertainty on a global level.

There are several important data releases later in the week with potential implications for interest rates.

For the UK this week, we have the Employment & PMI – Manufacturing & Services numbers due tomorrow.

Tuesday is looking like a key day for the Pound, given the release of PMI survey data for October in both the UK and Eurozone. Markets will be keeping a close eye on this data, likely to be favouring the currency belonging to the economy which puts in a better-than-expected performance relative to the other.

Currency markets remain volatile. Concerns that the current Israel-Hamas conflict may widen out into a broader regional crisis continue to dominate the markets, and on the back of this we are seeing the US dollar benefit significantly, as well as other safe haven assets. 

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