Ahead of Thursdays ECB policy announcement, this morning’s release of euro area producer price inflation data for September is likely to face heavy market scrutiny.
For the UK today we have the Construction PMI for October. The PMI has remained strong with a 64.2 reading in September following 64.0 in August. Markets are expecting this mornings data for October to show an easing to 62.5. However, yesterdays much stronger-than-expected manufacturing PMI does raise the risk of an upside surprise.
In the US today trade balance and factory orders data for September will dominate the afternoon.
MORNING MARKET RATES:
GBPEUR 1.2791
GBPUSD 1.5998
EURUSD 1.2506
GBPSEK 11.857
GBPAED 5.8764
GBPAUD 1.8341
EURGBP 0.7815
GBPJPY 181.83
GBPTHB 52.283