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Market Comment - 14th June 2022

Posted by Stuart PritchardJune 14, 2022

Good morning,

This morning saw the release of the UK's employment data. Bit of a mixed bag. On the upside the average earnings rose 4.2% against an expected 4%, but this is offset by rampant inflation. On the downside the claimant rate came in at 3.8% against an expected 3.6%. This has caused an immediate drop in Sterling rates at 7am this morning.

This story is dominating business headlines alongside the potential imminent change to the Norther Ireland Protocol that could also cause major turbulence in the forex markets.

Both GBP/EUR and GBP/USD are teetering on technical support at the bottom of recent ranges. A break to the downside from here could be very telling.

The only big scheduled news in the next 24 hours is the Chinese retail sales out in the early hours of tomorrow morning.

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

CHN: Wednesday 03:00 Retail Sales

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