Spectrum Daily Report

GBP: The British Pound rallied against its peers this morning following the release of stronger than expected UK retail sales data for September. In fact, the data evidenced that consumer spending rose by 0.3%. Ultimately, upbeat retail sales data is expected to partially pare back expectations that the BoE could cut interest rates in each of the two meetings remaining this year.

EUR: The Euro extended its recent losses yesterday as the European Central Bank cut interest rates for the third time this year. During her press conference, ECB president Christine Lagarde pointed out that inflation in the euro zone was now increasingly under control and that the eurozone economic outlook had worsened.

USD: The U.S. Dollar steadied in early European trade this morning after racing to an over 2-? month high following yesterday’s stronger than expected retail sales data.?The reading, coupled with signs of continued resilience in the labour market, saw investors largely maintain bets on a 25-basis point cut by the Federal Reserve in November.

For a live rate or to book a trade please contact us.

T: +44 203 440 7550 | E: [email protected] | W: www.spectrumfx.co.uk