With market consensus expecting an unchanged figure for September, the markets reacted negatively and GBP was sold against its peers. The sister metals, widely used as autocatalysts, hit price parity for the first time in 16 years last week. The company joins the list of multinationals to fall foul of EU Competition Commissioner Margrethe Vestager, who past year served Apple with a record tax bill. The markets will be keenly watching today's' Service PMI for further clarity as to the "state" of the United Kingdom economy.
The dollar dropped back from seven-week highs on Wednesday, amid speculation that U.S. President Donald Trump's choice for the next head of the Federal Reserve could be a less hawkish candidate than had previously been expected. Yellen is viewed as a candidate but former Fed Gov. Kevin Warsh (http://www.marketwatch.com/story/warsh-would-be-strange-pick-as-fed-chair-for-a-president-who-says-he-cares-about-jobs-2017-10-03), who is seen as more hawkish, or more willing to increase rates rapidly, has been discussed as a possible candidate. Powell is seen as more dovish than Warsh, who has criticised the Fed's bond-buying programme in the past.
Improving U.S. data along with the prospect of U.S. tax cuts and the likelihood that the Federal Reserve will raise interest rates in December have boosted the U.S. currency in recent weeks.
The stock market's rally shifted into neutral on Wednesday, and US indexes flipped between very slight gains and losses in early trading.
FDA tells Concord bakery 'love' is not an ingredient
The FDA reprimanded Nashoba Brook Bakery for misbranding its Nashoba Granola by including "love" as an ingredient on the label . A MA bakery's granola may be made with love, but federal officials say it shouldn't be listed as an ingredient on the package.
Holdings of the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust GLD, fell 0.58 per cent on Tuesday from Monday, while the largest silver-backed ETF, New York's iShares Silver Trust SLV, fell 0.04 per cent. Currently, GBPUSD is trading around 1.3270. ETF sees spot gold edging down to $1,260 an ounce by the year-end.
At 08:00 BST, the European Central Bank will hold a Non-Monetary Policy Meeting in Frankfurt, Germany. Markit publishes services and composite PMI data for the U.S. at 9:45 am Eastern Time.
The government will release its more comprehensive jobs report on Friday, and economists are also forecasting a weaker number for that.
A composite Purchasing Managers Index for the euro area climbed to 56.7 in September, the strongest level in four months, according to IHS Markit.