Market Comment - 15th July 2021

Posted by Stuart PritchardJuly 15, 2021

Good morning,

Let's start with a quick recap of the overnight news.

China's GDP grew by 7.9%. On paper that sounds great. However consensus predicted 8.1% so it fell very slightly short. However it does indicate that the global recovery is underway and does mean that China may be on target to still hit it's desired average of 6% growth for the year.

In the UK we've just announced unemployment at 4.8% which was slightly more negative than the predicted 4.7%. The pound initially had a blip versus the Euro but has stabilised now and is largely unaffected.

The rest of the day will be dominated by US data throughout the day, so for those that follow this pair, keep an eye on the GBP/USD rate. At 1.30pm we have both the NY Empire State Manufacturing Index and the Philly FED Manufacturing Survey. This will be rounded off by the FED's Powell's testimony at 2.30pm.

Looking ahead, overnight, Japan is releasing it's most watched figures being the interest rate decision (currently negative 0.1%), monetary policy, outlook and press conference. We're not expecting things to change, however consensus and predictions have been wrong before.

Have a great day and we look forward to our next update.

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Todays Economic Calendar 

ITA: 09:00 CPI Data

UK: 09:30 BOE credit conditions

ESP: Bond auction throughout the day

UK: 11:00 BOE's Saunders speech

US: Throughout the day data mentioned in report

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