Quiet markets amid slow data day
Yesterday was a quiet day on the exchanges, not surprising given the lack of data releases. BoE policy makers did not generate any noteworthy headlines with their speeches either and so the main pairs traded within narrow ranges and this continued in overnight trading.
At the open this morning, the major pairs open showing only minor changes vs 24 hours ago, however EUR has seen some pressure in the last hour or so with EUR/USD dropping to the lower quarter of $1.16-1.17, and EUR/GBP losing its ground made overnight, back around the halfway mark of the 84-85p.
As we look ahead to today, we have already had the main data release with UK CPI figures for September. The data showed headline inflation at 3.1%, slightly below its 3.2% forecast, but this has not had a significant impact on the exchanges.