Market Comment - 13th May 2022

Posted by Stuart PritchardMay 13, 2022

Good morning,

The Pound has rallied against the Euro. Sterling has popped up off the technical support we previously identified. It looks to have been a technical rally rather than being as a result of news. It will be interesting to see if this rally holds or if the rate returns to the bottom of the mid term range.

Against the Dollar it's a different story. The Pound remains weak and rates are certainly in favour of exchanging Dollars for Sterling.

Global markets overall have had a good 24 hours. Tech companies in the States have favoured very well alongside cryptocurrencies which have been under enormous pressure over the past week. It will be interesting to see if this is a dead cat bounce or if markets are back on the up.

The only scheduled news of note out today is the US Michigan Consumer Sentiment Index which could affect Dollar rates later. In the early hours of Monday there's the Chinese retail sales numbers which will also be closely watched.

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: 15:00 Michigan Consumer Sentiment Index

CHN: Monday 03:00 Retail Sales Data

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