Dear Reader,

 

Today's economic news and market action:

  • Uneventful start to the week on markets
  • US closed for President’s Day holiday
  • Main FX pairs open this morning showing no major changes
  • Slightly firmer tone to the dollar
  • EUR/USD trading nearer to the midpoint of $1.06-1.07
  • EUR/GBP continues within a narrow 88.6-88.9p range
  • Ahead today, flash PMIs for February are the main macro highlight
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0663   -0.24 -0.36
EUR/GBP 0.888   0.06 0.41
GBP/USD 1.2006   -0.28 -0.75
GBP/EUR 1.1259   -0.06 -0.41
*versus Previous Day's European Open

 
 
 
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Weekly Market Brief: 6 - 10 February
 

Got Sunshine on a Cloudy Day

The title of the IMF’s recent World Economic Outlook Update sums up the current state of the global economy quite well; “Inflation Peaking amid Low Growth”.
 
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Economist's Weekly Market View - Lagging Behind
 

The UK economy has become a marked underperformer, a record that stretches back to the start of the pandemic in 2020 and Brexit. UK GDP fell by a whopping 11% that year, compared to much smaller declines of 6.3% for the Eurozone and 2.8% in the US. It was hoped that this gap would be closed by a much stronger rebound by the UK economy in 2021-2022.
 
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