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Market Comment - 14th September 2022

Posted by Stuart PritchardSeptember 14, 2022

Good morning,

A mixed bag of inflation data out in the last 24 hours. This morning the UK published a year on year gain of 9.9% which was slightly better than the expected 10.2%. Conversely, in the US yesterday, the number came in at 8.3% against an expected 8.1%.

This had a significant effect on the GBP/USD rate yesterday when the inflation number was announced at 13:30pm. The rate, up to that point, had been rallying somewhat. That piece of information saw the rate go into freefall temporarily bringing the rate back down to recent lows. The fall as stopped for now, but the almost nailed on rate hike by the FED as a result of the inflation seems to have caused the move.

GBP/EUR rates remain towards the bottom of the mid term range, but off the lows. Looking a little further afield the GBP/AUD rate has also recovered up from the recent lows although the rate remains firmly away from the mid term highs.

Today sees speeches from the ECB whilst the early hours of tomorrow sees Japanese import and export numbers followed by the Australian employment rate.

Today’s Economic Calendar

EUR: 11:00 European Union Chief Ursula von der Leyen Speech

EUR: 12:00 ECB Philip Lane Speech

JPN: Thursday 00:50 Imports and Exports

AUS: Thursday 02:30 Unemployment Rate

As ever we look forward to keeping you in the loop and look out for our next update.

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