The British pound was largely flat Thursday morning as market players awaited a series of economic reports. As salary data is set to be released tomorrow, this is actually going to be a very busy week for UK data. The October GDP statistics for the United Kingdom are expected to show a 0.2% month-over-month increase on Wednesday. Not to mention, the Bank of England will announce its interest rate decision and guideline update on Thursday.

Despite recording losses for the second straight week, the Euro was able to steady itself during this morning’s early European trading. With the impending monetary policy statement on Thursday, the European Central Bank is expected by the market to keep interest rates at 4.5%. Nonetheless, projections indicate that the European Central Bank will start reducing interest rates in March 2024.

Following a better-than-expected nonfarm payrolls report that dampened hopes for an early rate cut by the Fed, the greenback enjoyed some boost on Friday. After two days of meetings, the central bank is expected to maintain its current interest rate policy on Wednesday. However, attention will be focused on its rate projection, particularly in light of the recent strength of the labour market.

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