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Market Comment - 10th August 2021

Posted by Stuart PritchardAugust 10, 2021

Good afternoon,

So the Non Farm Payroll numbers on Friday came in well ahead of expectations. Economists had suggested a gain of 870k jobs but the number came in at 943k so that's an 8.4% improvement on what was predicted. Understandably that dropped the value of Sterling against the Dollar which has been carrying on into this week.

On the other hand the Pound continues to strengthen against the Euro currently at levels last seen in early 2020. We are now getting close to a level of resistance that has been tested on 5 occasions in the last 2 years. Let's see if the Pound continues and breaks through that level.

The data continues to be US centric in the next 24 hours with the Consumer Price Index (CPI) out mid afternoon. It will be interesting to see if this makes the Greenback give up the gains or whether it will continue strengthening.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today's Economic Calendar

US: 15:00 The FED's Loretta Mester gives a speech

GER: 07:00 Harmonized Index of Consumer Prices

US: 13:30 CPI Data

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