The end of this week has transitioned into an obvious risk-off sentiment for markets. Traders and investors are seeking out more safer investments.

Rachel Reeves has been provided a helpful boost this morning with UK GDP showing modest growth in August of 0.1%. The Office for National Statistics also reported that GDP grew by 0.3% in the three months leading up to August. 

Jerome Powell's comments yesterday have seen The US Dollar retreat slightly as bets climbed in favour of further interest rate cuts.

There has been activity on markets in the early session of Tuesday. It all commenced at 7am when UK released unemployment rate. Month-on-month we saw an uplift of 0.1% to a total of 4.8%.

The end of this week has been quiet when it comes to economic data releases. Even if there hasn’t been much of economic data, we can continue to see the USD gain further strength. 

Last week was relatively volatile across the markets, largely driven by ongoing uncertainty in Washington as the US Government shutdown enters its second week. So far, there’s still no clear path toward resolution, with both political parties locked in a funding deadlock.

As we close out September and step into October, markets are preparing for another month filled with volatility.

Irish retirees in the Algarve, and those considering the move to Portugal, are being warned of a looming pension tax trap that could cost them dearly if they fail to act in time.