GBP
Released earlier this morning UK labour market data showed employment growth of 160k in the three months to June.
The unemployment rate of 3.8% in the three months to June was unchanged from last month’s report, close to a half-century low despite Bank of England warnings that the economy is likely to slip into recession later this year.
However, there were hints that the tight labour market is starting to turn with job vacancies easing further away from their recent highs
USD
There was some disappointing market data from the US economy yesterday, although it was not in the form of any top-tier data. Both the regional Empire manufacturing and homebuilder sentiment surveys for August missed the downside of expectations.
July data in the US are forecast to deliver mixed messages on economic activity. Housing stats are likely to have fallen for the fourth successive month reflecting the impact of higher interest rates, but industrial production may have risen.
EUR
The German ZEW survey will provide one of the first updates on August economic trends in the Eurozone.
The latest readings are expected to show both current conditions and expectations at close to recent lows reflecting ongoing uncertainties not least the potential impact of higher gas prices.
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