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Market Comment - 12th May 2022

Posted by Stuart PritchardMay 12, 2022

Good morning,

Generally speaking this mornings raft of data from the UK (preliminary GDP data, manufacturing and production data, and trade balance) came in slightly below expectations. This has contributed to further weakening of the Pound. Particularly against the Dollar.

Business headlines are dominated by this overarching story of a contracting UK economy in March coupled with rampant inflation leading to a widening of the cost of living situation.

GBP/EUR remains firmly locked at the bottom of the mid term range.

Today sees the US provide its initial and continuing jobless claims and this seems to be the only real scheduled news that could affect the forex markets.

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: 13:30 Initial and Continuing Jobless Claims

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