Market Comment - 16th August 2022

Posted by Stuart PritchardAugust 16, 2022

Good morning,

This morning the average earnings for the UK came in at 5.1% growth which was slightly off expectation. However, when factored against inflation the reality is that wages actually fell by 3% in real terms. This is the sharpest fall since records began. Conversely it was reported that there were 1.274 million job vacancies in the second quarter and unemployment in the UK remains at 3.8%. Bit of a mixed bag all around.

This has had little effect on Pound rates - here's the round up:

GBP/EUR tracking sideways towards the top of the mid term range,

GBP/USD rates are on a technical support line at time of writing. Overall the Dollar has been dominant for some time and rates are poor when compared to historical rates.

GBP/AUD recently the Pound has been weaker but rates still remain towards the middle of longer term ranges.

GBP/CAD offers a very similar picture to GBP/USD.

Today sees Canadian inflation numbers out and overnight there's Japanese import and export data. However the real story for Pound rates is at breakfast tomorrow when the UK's inflation numbers are out. Analysts are expecting 9.8% growth further exacerbating the cost of living situation.

Today’s Economic Calendar

CAD: 13:30 Inflation Numbers

JPN: Wednesday 00:50 Imports and Exports

UK: Wednesday 07:00 Inflation Numbers

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

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