Login

Market Comment - 10th March 2022

Posted by Andy DyerMarch 10, 2022

Good morning,

Today could be very interesting for the GBP/EUR rate. Over the past 72 hours the rate has dropped considerably with the Euro gaining strength. Technically it could be profit taking against the Pound as the drop has been relatively sharp. The ECB publishes it's interest rate decision around lunch time. Analysts are predicting the rate will remain unchanged at negative 0.5%. However a change to the interest rate is the lever the ECB can pull to curb hot inflation numbers.

If the ECB hikes it's interest rate then expect the Euro to rally further against the Pound.

The other big news story is the oil price. Running North for the past two weeks on the back of the Russian invasion of Ukraine there was a reprieve overnight as the UAE approved increases in supply. This will help the West move away from Russia as a supplier of oil. The price per barrel dropped as much as 17% at one point and the price (at time of writing) is $108 per barrel well below the recent peak of $125 per barrel.

We will be keeping an eye on the Dollar today also as the US releases it's inflation numbers in the afternoon. However the Pound is likely to be more affected by the UK GDP numbers out at breakfast time tomorrow.

It's the Ukraine situation dominating headlines as to be expected with more civilian buildings being destroyed by the Russian military including a children's hospital. Utterly devastating and will put further pressure on global governments to ratchet up sanctions and provide aid to the area.

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

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Today’s Economic Calendar

EUR: 12:45 ECB Interest Rate Decision

US: 13:30 Inflation Data

EUR: 13:30 ECB Press Conference

UK: Friday 07:00 GDP Data

GER: Friday 07:00 Inflation Data

© 2022. RegencyFX Ltd. All rights reserved. *Third party fees may apply.

Payment services for RegencyFX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Currency Pairs, Approved Jurisdictions and Non-Permitted Activity

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram