Market Comment - 16th November 2021

Posted by Stuart PritchardNovember 16, 2021

Good morning,

The Pound has continued to strengthen in the last 24 hours with the GBP/EUR rate moving sharply back towards the top end of it's trading range. This sharp increase could pave the way for a break out to the upside although more positive data will probably be needed for that to happen.

The moves have been bolstered by better than expected employment data out this morning. Analysts were expecting unemployment in the UK to sit somewhere around 4.4%. However it's come in at 4.3%. On top of this the average wages are higher than expected also. This points towards a stronger UK economy.

The same Pound strength has been felt against the Dollar, the Canadian Dollar and the Swedish Krona.

There has also been a levelling off in the Covid situation in the UK with detailed updates coming it from Professor Van-Tam and Professor Whitty yesterday. The opening up of the booster programme sees the continuation of the vaccination effort in the UK that beats some metrics from further around the globe. Any negative updates around this story could see the Pound drop back.

Today is a big day for data, so could prove to be a relatively volatile day. First up is European GDP data followed by US Retail Sales numbers. After a number of speeches from the FED we have the ECB's Christine Lagarde giving a speech. And as if that wasn't enough we have the UK inflation numbers out at early breakfast tomorrow! Plenty to keep any traders occupied.

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

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Today’s Economic Calendar

EUR: 10:00 GDP data

US: 13:30 Retail Sales

EUR: 17:10 ECB Lagarde speech

UK: Wednesday 07:00 Inflation data

© 2022. RegencyFX Ltd. All rights reserved. *Third party fees may apply.

Payment services for RegencyFX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Payment services for Regency FX Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB).

License No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951

Currency Pairs, Approved Jurisdictions and Non-Permitted Activity

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram