Market Comment - 18th March 2022

Posted by Stuart PritchardMarch 18, 2022

Good morning,

First to recap yesterdays Super Thursday.

Bank of England interest rate raised 0.25% to 0.75% in line with predictions.

MPC vote for rate hike 8 to 1 different to the predicted 9 to 0.

The MPC vote is what moved the GBP rate. As the rate hike was predicted to be unanimous this gave traders a quick pause causing the Pound to drop sharply versus the Euro and the Dollar. Against the Dollar the Pound has returned back to a pre news level but still remains relatively weak versus the Greenback. Against the Euro the rate hasn't bounced back as much and remains well off the recent highs.

The Pound also looks weak against the Canadian Dollar and the Australian Dollar where the rates are, again, well off the recent highs.

The Ukraine situation continues to slip down the ranks of the business news pages as more domestic news stories take hold such as the shocking story yesterday where P&O Ferries fired 800 workers over Zoom and immediately parked up all its ships.

Today and the weekend are relatively light for news until the early hours of Monday when the Peoples Bank of China release their interest rate decision.

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

CHN: Monday 01:15 PBoC Interest Rate Decision

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