Money News Overview Thursday 26th October 2023: ECB is anticipated to keep interest rates steady

The pound surged amid Trump’s inauguration, while UK unemployment hit 4.4%. Stay ahead with key insights on wage growth and market trends.

Today’s major focus is the ECB interest rate announcement, which is expected to be the same as in September, at 4.5%.

EU inflation numbers have improved in recent months, and the stronger-than-expected EU PMI figures earlier this week help support a pause in the ongoing ECB rises, which have been in place for the previous 9 consecutive months to help combat inflation.

President Lagarde’s speech follows the rate announcement, she will discuss the potential outlook on future hikes and if one more is necessary.

US unemployment claims and GDP figures are set to be released this afternoon. US GDP is forecast to rise by 1.9% from the previous quarter to 4.3%, demonstrating the economy is growing. 

This week, Pound Sterling has been the weakest performing currency, with no support level over 1.1500 against the Euro.

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