Money News Overview Tuesday 27th February 2024: EU inflation set to dominate the market this week

Early this morning, the UK published its latest employment figures, revealing an unexpected drop in the unemployment rate to 4.2%.

The quiet start to the week continues into Tuesday, as there is little market moving economic data to be released today.

The only piece of data being released today is across the pond with the US, where they will release their Durable Goods data which is forecasted to decline to 4.5%, followed by the Consumer Confidence Index which is expected to come in at 115.

One thing that may be of interest is the G20 meeting, which is an informal meeting between the worlds 20 largest economies in which they discuss the ongoing economic issues around the world.

Later this week the attention shifts to the EUs Consumer Price Index flash estimates, where markets are looking to see how inflation is fairing in the Eurozone. It is expected that inflation will fall slightly to 2.5% (from 2.8%).

For the UK the only data release of any significance is the Purchasing Managers Index, where it is projected to show expansion to 47.1. However, this is still below the 50-point growth mark.



On the currency front the pound has stabled near the highs of last week with only a small sell off, with the limited data coming from the UK this week this isn’t expected to change too much. There is a similar stance on the pound to dollar rate as well.

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