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In case you missed the news yesterday…

In case you missed the news yesterday…

Yesterday the European Central Bank cut interest rates from 0.5% to 0.25%. In the surprise move to stimulate growth the ECB moved rates to historic lows. The news saw GBP/EUR drive from 1.1780 to 1.2000 in a matter of minutes. In the calm after the storm it is likely we will see the pair settle in a new range above 1.1900.

The first significant data of the day is the UK trade balance figures, with consensus expecting the trade deficit to have narrowed to £9.2 billion in September.

At 1.30pm, we see the hugely significant US non-farm payrolls – this is one of the main pieces of data that the market use to formulate its expectations of when tapering will finally occur. As such, we are sure to to see volatility in the market this afternoon.

Although somewhat overshadowed we also see Canadian employment figures released this afternoon, given the recent volatility of CAD we are sure to see some movement.

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