Dear Reader,

 

Today's economic news and market action:

  • Better than expected PMI data was a market mover yesterday
  • Bond yields rose, as the data increased speculation of higher interest rates for longer
  • Sterling gained from the very strong upside surprise in the UK PMIs
  • EUR/GBP moved down to the 88p mark
  • Elsewhere, EUR/USD edged back to the midpoint of $1.06-1.07
  • Ahead today, German Ifo and Fed minutes are the main highlights
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0652   -0.18 -0.47
EUR/GBP 0.88   -0.82 -0.50
GBP/USD 1.2103   0.62 0.05
GBP/EUR 1.136   0.83 0.50
*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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