Money News Overview Thursday 26th January 2024: GBP/EUR reaches a 4-month high

The European Central Bank are set to hold interest rates at 4.5 percent for the fourth consecutive month.

Markets will keep a close eye on President Lagarde’s speech later on today to understand her outlook on future rate cuts – expect GBPEUR to be more volatile towards the end of this week.

In the US, the change in the value of all goods and services (GDP) are expecting to release at 2 percent. 

Yesterday, the UK Flash PMI were released in the manufacturing and services sector. UK PMI services were released at 53.8, above the 50 percent threshold, therefore indicating that consumer spending is increasing. UK manufacturing PMI was released at 47.3, which rose to a 9-month high.

GBPEUR has been trading in a tight 50-point range over the last few days. The Flash UK PMI release boosted the Pound to a four-month high against the Euro.

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