Market Comment - 10th May 2022

Posted by Stuart PritchardMay 10, 2022

Good morning,

First of all let's talk rates. The Pound took a hammering after the news out on Thursday and subsequent press conferences given by the Bank of England.

Since then the Pound has gained little or no strength. Tracking sideways versus the Euro and the Dollar. Versus the Euro the rate is at the lower end of the mid term range but doesn't seem to be breaking to the downside. This may indicate technical support. Against the Dollar it's a rates not seen since mid 2020. The risk here is any break to the downside could see the rate effectively collapse (although that doesn't seem likely).

What could affect GBP/USD is the raft of speeches being given today in the US with the FED's John Williams out of the traps first followed by the Treasury Secretary, Janet Yellen, and then by the President himself. Expect some commentary on global inflation and the cost of living ahead of tomorrows US numbers.

If you've got Dollars to change into Sterling this morning could be a very good time to take some risk off the table.

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: 12:40 FED's John Williams Speech

US: 15:00 Treasury Secretary Janet Yellens Speech

US: 16:30 President Joe Bidens Speech

CHN: Wednesday 02:30 Inflation Data

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