Upbeat UK manufacturing and industrial output data for August has buoyed the Pound against its key peers. While the data has lent support to Sterling, the recent batch of weak UK economic updatessuggests that the British economy is facing headwinds for industrial activity. The data comes as the BoE convenes for its latest interest rate decision meeting.Meanwhile, in Europe, data earlier today indicated that Germany’s August industrial production slumped at its fastest pace in a year, giving rise to fears that the economy was impacted by slowing growth in China. Across the Atlantic, Fed’s report on consumer credit and mortgage applications data might attract some market attention.
Today is a quiet day for economic releases across the globe. After a report yesterday showed that UKservices growth faltered in September, market attention now shifts towards the BoE's announcement of itsmonetary policy decision this Thursday. The MPC meeting will attract considerable interest as investorsseek clarity on the timing of the rate rise. Ahead of that, investors will keep a tab on theUK’s manufacturing and industrial production figures, due for release tomorrow.In Europe, German factory orders declined for the second consecutive month in August, confoundingmarket expectations. Across the Atlantic, the nation’s trade balance data and IBD/TIPP economicoptimism indicator will be eyed.
Today, a string of services PMI reports from across the globe have taken the spotlight. Britain’s services PMI data that came in just now showed that growth in services sector activity unexpectedly dropped for September. Looking ahead, BoE’s interest rate decision along with the accompanying meeting minutes due later this week will attract significant market interest.In Europe, September’s survey showed easing of business activity at services firms in the Euro zone and most of its economies, fuelling doubts about growth prospects in the final few months of the year. Across the Atlantic, final services PMI and ISM non-manufacturing PMI reports are on the cards while the labour market conditions index will also be closely eyed.