Market Comment - 18th August 2022

Posted by Stuart PritchardAugust 18, 2022

Good morning,

The Eurozone reported slightly worse than expected GDP numbers yesterday along with poorer than predicted employment numbers. Interestingly the Euro actually strengthened against the Pound yesterday, but this would appear to be selling off as the rate was towards the top of the mid term range. Possibly more of a technical sell off for the Pound rather than news driven.

The US reported stronger than expected retail sales numbers leading to a strengthening of the Dollar. The GBP/USD rate is bang on the support line again this morning. A breach could see the Pound drop versus the Greenback.

Business news is relatively light on the ground this morning so eyes will turn towards the scheduled data out today. There's European inflation numbers, US jobless claims, a speech from the ECB and a couple by the FED and finally, at breakfast tomorrow, the UK releases its retail sales numbers and publec sector net borrowing. Busy day ahead.

Today’s Economic Calendar

EUR: 10:00 HICP inflation numbers

US: 13:30 Jobless Claims

US: 18:20 FED's Esther George Speech

US: 18:45 FED's Neel Kaskari Speech

UK: Friday 07:00 Retail Sales

UK: Friday 07:00 Public Sector Net Borrowing

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

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