03/10/2024
Written by: Ian Morley
Summary:
There was very little data released yesterday due to the US bank holiday. The GBP maintained slight gains following a slower than expected services CPI result.
Speeches:
Market Insight:
Today, our attention is on two main points. Regarding the Bank of England, we anticipate no changes in interest rates, with the vote likely showing two members in favour of a rate cut while the remaining seven prefer to maintain the current rates. Given yesterday’s CPI figures and the upcoming General Election, we expect minimal changes in the BoE’s statement from last month’s meeting. If this holds true, the GBP should remain supported.
In the US, the weekly jobless claims data is due, with market expectations pointing to a decline in claims, which should bolster the USD.