There are only a handful of economic data releases for the UK during the course of this week so all eyes will likely to be focused on Philip Hammond’s Spring Statement due out later today.
The statement is due out at 1230pm today and Hammond has suggested that this will be relatively low key and there will be no change to taxes nor spending.
However, in what has been a relatively calm period for GBPEUR exchange rates recently could this event be the catalyst for movement on Pound vs Euro exchange rates?
Turning the focus to what is happening on the continent, inflation in the Eurozone could dominate Pound Euro rates. Predictions are for 1.2% so if this comes out the same this could see the Euro strengthen towards the end of the week against the Pound.
The other important economic data from within Europe will be German inflation data due out tomorrow morning.
As Germany is Europe’s leading economy this could give us an insight into what might happen with Friday’s inflation figures.
For me I think we could start seeing a lot more volatility towards the end of the month as the EU summit is due to take place on 22-23 March as well as the formal coalition talks in Italy.
Ex-Prime Minister Matteo Renzi resigned shortly after the loss but the Democrat party are looking to join either with the Five Star Movement or Lega Nord.
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