Market Comment - 13th July 2022

Posted by Stuart PritchardJuly 13, 2022

Good morning,

Finally a glimmer of light. The UK GDP figures out just now showed a month on month 0.5% growth which is much better than the predicted zero growth. This has led to a quick jump in GBP/EUR rates which is now climbing back towards the top of the recent range. Let's see if that hike holds.

It was the same story with the other numbers this morning. UK Industrial Production (month on month) predicted zero growth actual 0.9% growth. UK Manufacturing Production (month on month) predicted 0.1% growth actual 1.4% growth.

Chinese exports were also massively ahead of expectations earlier. Analysts had predicted growth of 11.7% growth but the actual number was 22%. This could indicate a switch to lower priced items being identified and purchased from China to replace imports from more expensive sources.

Now eyes will be turning towards the US inflation numbers out at late lunch followed by the Bank of Canada's interest rate decision later. The UK releases another look at house prices overnight also.

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 Inflation Data

CAN: 15:00 Bank of Canada Interest Rate Decision

UK: Thursday 00:01 RICS Housing Price Balance

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