News
Central bank decisions, economic data, gold and oil, and plain-English guides to how currency trading works. Every article links to its primary sources.
S&P Global's flash survey puts the UK composite output index at 53.1 for October, up from 52.0 in September. Services business activity reached 53.1, and manufacturing PMI was 52.8.
The ONS first estimate shows retail sales volumes in Great Britain down 0.4% in September. August's rise was revised up to 0.7%, and July's fall was revised to 0.4%.
The ECB's euro reference rate for sterling was 0.8377 pounds per euro on 22 October, matching the level of 29 May 2025. Over October the euro has lost about 1.9% against the pound.
The ONS reports UK CPI inflation at 3.5% in the year to September, up from 3.1% in August. Core inflation rose to 2.8%, and services inflation to 3.7%.
The ONS reports public sector net borrowing of £24.5 billion in September 2026, up £1.8 billion on the same month last year. The figures are provisional.
The ONS estimates the UK unemployment rate at 4.7% for June to August 2026, down 0.1 points on the quarter and on the year. The employment rate for people aged 16 to 64 rose to 75.3%.
The ONS early estimate puts UK vacancies at 691,000 in July to September 2026, 21,000 lower than in April to June. It is the first time since early 2021 that vacancies have been below 700,000.
The ONS estimates UK GDP rose 0.1% in August 2026, after growth of 0.4% in July. Annual growth of 2.1% is the highest since August 2022, and production rose 0.8% on the month.
Update: the ONS first estimate shows UK retail sales volumes in Great Britain down 0.4% in September, with August revised up to a 0.7% rise.
Update: S&P Global's flash UK composite PMI rose to 53.1 in October, while the euro area composite fell to 51.9. The US flash is not covered in this update.
Update: the ONS put UK CPI inflation at 3.5% in September, up from 3.1% in August. Core inflation rose to 2.8% and services inflation to 3.7%.
Update: the ONS puts UK unemployment at 4.7% for June to August, down 0.1 points on the quarter and the year. Vacancies fell to 691,000 in July to September, an early estimate.
Update: Canada's CPI rose to 3.1% in September, UK unemployment was 4.7% and UK CPI 3.5%, the flash PMIs put the UK composite at 53.1 and the euro area at 51.9, and Japan's national CPI rose 2.1%.
Update: US CPI rose 3.7% on the year in September, Australia lost 39,300 jobs, UK GDP grew 0.1% in August, US retail sales rose 0.8%, and euro area inflation was confirmed at 3.8%.
The ONS raised its estimate from 0.4% and left the first quarter at 0.6%. Real household disposable income per head rose 1.0% after falling 0.8%, and the saving ratio rose to 8.8%.
The Bank of England's Money and Credit release shows approvals for house purchase below their six-month average of about 60,100, while consumer credit growth rose to 9.6% a year.
The European Central Bank's daily reference rate has fallen 3.6% since 4 September and 6.4% from its January high. Sterling, the Australian dollar and the yen also lost ground to the dollar.
S&P Global's flash composite PMI jumped to 58.4 in the US and 53.1 in the eurozone, while the UK's fell to 51.7 on softer new business and rising input costs.
Update: the September flash PMIs are out — the US hit a 62-month high at 58.4, the eurozone rose to 53.1 and the UK slowed to 51.7. This preview has the release times and August's baseline.
Update: the week's releases are out, from the flash PMIs to the SNB, Norges Bank and Riksbank decisions, Australian jobs and Canadian retail sales, and US PCE inflation and GDP followed on 30 September.
The Fed hiked, the BoE held on a split vote and the BoJ raised its rate to 1.25% — three decisions in four days that reset the rate map. Here is the week's full picture and what it changed for every currency.
UK inflation rose to 3.1% with motor fuels 23% higher than a year earlier — the number behind the BoE's split committee. Here is the print's anatomy and what it means for sterling.
Two trades on correlated pairs are often one trade twice the size. Here is how to measure the correlation, group your exposure, and keep several positions from becoming one bet.
Fuel prices are pushing inflation up across the UK, the US and Canada — and the central banks are answering differently. Here is the shock's anatomy, its fingerprints in the data, and what it means for currencies.
The BoE went into September with a 6–3 committee and three members wanting a hike — a division the market prices in every UK release. Here is what the split means, how to read it, and what it does to sterling.
Crosses like EUR/GBP and EUR/JPY remove the dollar and trade two economies directly. Here is what changes without the dollar, and when the crosses are the cleaner trade.
Sales volumes rose 0.5% on the month and 2.4% on the year, the ONS said on 18 September, with non-store retailers and food stores leading a 0.9% rise over the latest three months.
The Monetary Policy Committee kept Bank Rate unchanged on 17 September, with three members wanting a rise to 4%, and unanimously voted to sell down its remaining gilt holdings by 2034.
Cable answers to the Bank of England, the UK's data calendar and sterling's political weather — on top of everything that moves the dollar. Here is the full driver map and how the stories interact.
Inflation is the input central banks watch most closely, which makes CPI the release that moves currencies most. Here is the transmission chain — from print to policy to price — and why the details beat the headline.
GBP/JPY combines sterling's energy with the yen's sensitivity to rates and risk, producing the widest ranges in the majors. Here is how the cross works and how to trade it without being shaken out.
EUR/GBP removes the dollar and trades the euro against sterling on their own merits — two central banks, two inflation stories, one pair. Here is how it works and how to trade it.
The London open brings the day's real volume, and the first hours set the ranges the rest of the day trades. Here is how the open behaves, which pairs wake up, and how to trade it with a plan.
Rate decisions move currencies through the vote, the statement and the press conference — not just the rate itself. Here is how to read all four parts and trade the day with the risk controlled.
GBP/USD, nicknamed cable, is the most volatile of the major dollar pairs. Here is what drives it, how its session behaviour differs from EUR/USD, and how to build a plan around its moods.
News moves currency pairs faster than anything else in the market. Here is how to trade news releases with a plan, not a prayer — including the releases that matter, the risks around the release minute, and three strategies that respect both.
Output prices rose 3.7% in the year to August 2026 and input prices 6.1%, the ONS said on 16 September, with crude oil the biggest driver of manufacturers' costs.
Consumer prices rose 3.1% in the year to August 2026, up from 2.9% in July, the ONS said on 16 September. Core inflation held at 2.6%, a day before the Bank of England's decision.
ONS figures for May to July show unemployment at 4.9% and regular pay growth of 3.5%, while payrolled employees fell 145,000 on the year. The Bank of England decides on 17 September.
Update: unemployment was 4.9% in May to July and regular pay growth 3.5%. This preview shows where the previous ONS release left things before the new figures came out.
Monthly GDP rose 0.4% in July 2026 after 0.3% in June, the ONS said on 11 September, with services, production and construction all growing.
Update: on 17 September the Monetary Policy Committee held Bank Rate at 3.75% on a 6–3 vote. This preview sets out the split the committee faced beforehand.
Consumer price inflation climbed from 2.6% in June, driven by gas and electricity bills after Ofgem's July price cap increase. Core inflation held at 2.6%.
Currencies trade around the clock on weekdays, but not with the same liquidity. Session times in UTC, the overlaps that matter and the daylight-saving trap.
The economic calendar tells you when markets are likely to move. Here is what each column means and how traders use it to plan the week.
The consumer price index is the inflation figure markets watch most closely. What it measures, why core CPI matters and how it links to interest rates.
Central bank decisions are the biggest scheduled events in forex. Why rates matter, why a hike can weaken a currency, and what to read beyond the decision.
How to read a currency quote, which pairs count as majors, crosses and exotics, and why spreads and risks differ so much between them.
Pairs that share a currency or an economic driver tend to move in step. How correlation works, why it changes and how it can quietly double your risk.
A licence number on a website proves nothing until you have checked it yourself. A step-by-step check using regulators' own registers, and the tricks clone firms use.
Regulated CFD brokers must publish the share of their retail clients who lose money. How the figure is calculated, what it tells you and what it doesn't.
Regulators cap how much leverage brokers can give retail clients. The limits by market and region, and what professional status changes.
What happens to your money if a trade goes badly wrong, or if your broker goes bust? The protections that apply in the UK, EU, Australia and the US, and their limits.
