Money News Overview Wednesday 10th January 2024: GBP/EUR exchange rate remains above the 200-day moving average

In terms of data, the Eurozone unemployment rate fell to 6.4% in November, well below the 6.5% forecast. However, the release had no effect on the euro. Meanwhile, German industrial production fell 0.7% for November vs. (+0.2% forecast).

There are no significant economic data releases today. Following a 0.3% drop in October, France recorded a 0.5% increase in November industrial production. The overall picture for Eurozone manufacturing activity remains bleak. Instead, the spotlight today will be on central bank speakers as markets refine their forecasts for interest rates in the coming year.

On the currency front, the major pairings remained in tight trading ranges. The dollar edged marginally higher in the limited price activity to notice, supported by a milder tone to risk appetite. In other news, the yen fell overnight on the back of some disappointing earnings reports.

The data calendar is currently somewhat limited. Meanwhile, remarks made by Bank of England Governor Bailey in evidence to the Treasury Select Committee will be watched closely. Speeches by New York Fed President Williams and ECB Board member Schnabel will be of particular interest.

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