Market Comment - 16th May 2022

Posted by Stuart PritchardMay 16, 2022

Good morning,

Overnight the Chinese Retail Sales data came in way off expectation. Economists had predicted a 6% downturn but it actually came in at a contraction of 11.1%. This hasn't had much effect on fx rates but it is an indication of the overall global economy. Whilst we seem to be over the worst of things in the UK there are still areas of the world that are in and out of lockdowns.

Business headlines continue to be dominated by the cost of living situation with the energy regulator, Ofgem, changing their reviews from 6 months to 3 months to try and pass on falling energy prices sooner.

Todays scheduled news is centred around the UK with the Monetary Policy Committee report and at breakfast tomorrow it's the unemployment data out.

Generally speaking Pound rates remain similar to the back end of last week and are tracking sideways rather than moving in any particular direction.

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

UK: MPC Report

UK: Tuesday 07:00 Employment Data

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