Market Comment - 16th July 2021

Posted by Stuart PritchardJuly 16, 2021

Good morning,

Yesterdays raft of US data came in broadly in line with expectations resulting in the GBP/USD rate staying broadly in a range it's traded in for the past month or so.

The Japanese Yen has got off to a good start this morning making gains versus Sterling although, again, the overnight interest rate in Japan remained constant at -0.1% and monetary policy is unaffected.

European CPI data and Trade Balance are out shortly although no real changes are expected therefore the GBP/EUR rate should remain constant.

The UK is bracing itself for a potential big rise in Covid cases as we prepare to relax the rules on Monday. However the de-coupling of cases v hospitalisation means the government is ploughing ahead with it's plans so time will tell if the decisions are correct.

Short of an unpredicted news story the weekend is shaping up to be relatively quiet with little financial news that carries on into the early part of next week. Not much in the diary for Monday other than the Rightmove price index first thing Monday morning.

Have a fantastic weekend and we look forward to further updates next week.

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Todays Economic Calendar 

EUR: 10:00 Trade Balance

US: 13:30 Retail Sales

US: 15:00 Michigan Consumer Sentiment Index

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