Markets remained risk-off going into the weekend as global equities continued to fall going into the close on Friday, as investors continued to monitor developments in the Middle East. GBP managed to claw back its losses from earlier in the day following those disappointing retail sales numbers.
* Daily move - against G10 rates at 7:30am, 23.10.23
** Indicative rates - interbank rates at 7:30am, 23.10.23
Markets are slightly buoyant to start the week after Israel delays an invasion of Gaza amid diplomatic efforts to secure the release of more hostages. For the rest of the week focus will fall on the economic performances of Europe, UK, and the US with the release of October's PMI numbers tomorrow, and then US GDP numbers on Thursday, expected to show the US economy grew from 2.1% in Q2 to 4.3% in Q3. The Fed's preferred measure of inflation, the core PCE deflator, on Friday is expected to show further easing of prices. We also have the ECB rate decision on Thursday, but we seem unlikely to see any major announcements from this. Continued fall in risk appetite and strong numbers from the US this week will likely support USD.
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