Tuesday set off with a central bank policy meeting, this time from Australia. RBA, Reserve Bank of Australia raised its interest rate level for the fourth time in 2026. Base rate has now reached 4.6%. It was highly expected that we would see a rate hike from RBA and it didn’t leave any market surprises.
In the morning session UK will announce mortgage approvals, generally an economic release that don’t have a huge impact on markets. So why am I highlighting this? Well with the current economic environment in the UK and after BoE left rates on hold the other week, it will be interesting to see how markets judge the housing market ahead of the Autumn budget.
This is later followed by CPI figures for Spain, forecasted to rise from 4.3% to 4.7%. We have seen inflation pressure across Europe of recent with high oil and energy prices. With ECB members speaking throughout the day can we get further indications of upcoming ECB meetings and additional rate hike speculation?
For this afternoon focus shift to the US. A simultaneous release of Jolts job openings and consumer confidence. Jolts are forecasted to fall lightly from 7.27m to 7.23m, while consumer confidence is expected on the rise from 89.4 to 90.1. With non-farm payroll being released later this Friday, labour data tends to become more important. The US job market has shown signs of strength recently and if this can continue we can see additional USD support.
GBP/EUR 1.1648 GBP/USD 1.3222 GBP/AED 4.8579
GBP/AUD 1.8919 GBP/CHF 1.1026 GBP/CAD 1.8770
GBP/NZD 2.3411 EUR/USD 1.1337 GBP/ZAR 21.7119