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Market Comment - 10th August 2022

Posted by Stuart PritchardAugust 10, 2022

Good morning,

German inflation came in bang in line with expectation this morning at 8.5% growth. Therefore there was little effect on GBP/EUR rates. The rate has been decreasing slightly over the last 24 hours and is almost plateauing South as it drops in small stages then consolidates for a period.

The cost of living situation has also taken another step up which could be hampering any positive thoughts for the Pound. It's believed 6 million households are already getting behind on energy bills which can only get worse as we head towards cooler months.

An interesting news story has emerged today around the Chinese property market which has been super hot for a sustained period up until the likes of Evergrande started getting in trouble. Now it looks like home owners are showing their dissent by not paying mortgages. That could be an interesting story to follow in the background.

GBP/USD rates remain locked in their sideway dance within a tight range. However the US inflation numbers out later might have some effect on that. Other than that it's the UK's RICS house price balance out just after midnight as the only other scheduled news that should have too much bearing on the Pound rates.

Today’s Economic Calendar

US: 13:30 Inflation Data

UK: Thursday 00:01 RICS Housing Price Balance

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

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