Money News Overview Thursday 4th January 2024: UK services PMI to reach 6-month high

US Fed and Bank of England policy announcements this week

Economic data released earlier this morning showed inflation in France has increased to 3.7 percent. EU-harmonised inflation also increased to 4.1 percent.

Purchasing Managers Index figures in the services sector dominate this morning’s data and are set to be released in Spain, Italy, France, Germany and the European Union.

The Euro has been on a downward trend against the Pound this week. A better-than-expected EU PMI release across the board will show signs of support for the Euro.

Markets are forecasting UK PMI figures in the services sector to release at 52.7, remaining above the neutral 50 mark for the second consecutive month. This release demonstrates an expansion in the UK services sector and is a positive for the UK economy.

Inflation in Germany is anticipated to shadow the CPI release in France earlier this morning and also rise to 3.7 percent year-on-year.

This afternoon, US employment figures round off the day. The most significant release is forecasting the monthly change in US employment to rise to 115k.

Investors will keep a close eye on the EU inflation release tomorrow. The total number of goods and services purchased by consumers in the European Union is set to surge to 3 percent.  

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