The main economic data release today is the Bank of England policy announcement. The Bank of England are anticipated to hold interest rates at 5.25 percent despite inflation dropping.
Purchasing Managers Index figures in the manufacturing sector are set to increase from their previous releases in the European Union and United Kingdom, showing consumer spending is beginning to increase as inflation drops around the world.
Elsewhere this morning, we have the European Union inflation report and unemployment figures.
Monetary policy decisions have been this week’s key focus for investors. Yesterday evening the US Federal Reserve kept interest rates unchanged between the region of 5.25 percent – 5.50 percent.
Fed Chairman ‘Jerome Powell’ comments followed after; he stated that there is unlikely to be further rate hikes and that the first interest rate cut is expected to be in March.
The Pound has been trading in a tight range against the Euro this week, as markets await the European Union inflation report and the Bank of England policy announcement today.