Market Comment - 19th August 2022

Posted by Stuart PritchardAugust 19, 2022

Good morning,

Consumer confidence hit a record low in the UK in the early hours of the morning. The GFK Consumer Confidence reading came in at -44. Analysts were predicting a gloomy -42, but the actual number was a little worse. This would seem to reflect the underlying unease around the cost of living.

However, unexpectedly, the UK registered month on month retail sales growth of 0.3% when economists had expected a contraction of -0.2%. This continues the mixed bag of economic data coming out of the UK at the moment.

The overall negative tone seems to be having a dampening effect on the Pound which has lost ground versus the Dollar and the Euro.

The good news is there's not much scheduled data out today or over the weekend. In the early hours of Monday there is the Peoples Bank of China's interest rate decision where analysts are expecting the rate to remain at 3.7%, but this has, historically, had little effect on Pound rates.

Today’s Economic Calendar

CHN: Monday 02:30 PBoC Interest Rate

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

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