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Tomorrow’s UK GDP for the fourth quarter will be a key input into the developing debate on whether the central bank will decide to raise interest rates soon to head off a rise in inflation expectations

stronger than expected Chinese growth further fuelled speculation of monetary policy tightening from Beijing as they try to pull the reins in on the country’s runaway growth.

Today is the last day of data before Christmas and one of the last in the year although it is primarily US data so again, little to help GBP and EUR

the European sovereign debt crisis continues, another day another downgrade

The G20 group also agreed to “refrain from competitive devaluation of currencies

Trading is most likely to be very quiet until we start hearing noises from the G20 meeting. Sterling looks like it will be under pressure from both the Euro and the USD for the remainder of the day.

Sterling is also under pressure versus the dollar and euro over yesterday’s trading session and overnight as markets reacted to the dovish tone of the minutes of the last Bank of England policy meeting.

The minutes of October’s MPC meeting, released a few minutes ago, doesn’t exactly make the picture any clearer. It seems there was a 3 way split of sorts, with Posen as expected voting for an additional £50bn of QE, and Sentance, as expected, voting for a 0.25% rate rise.

On Thursday 29th July Currency UK attending the first Gdansk Grain Exchange in Gdansk, Poland… read more

…the Pound looks to be under a bit of pressure against the recovering Euro, although it should be steady against the Dollar…

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