Market Comment - 1st December 2021

Posted by Stuart PritchardDecember 1, 2021

Good morning,

Yet another new month! December can sometimes be a little less volatile as concentration moves towards Christmas and holidays. However the new Omicron strain may have a different story attached to it so let's see if normality plays out this month.

There has been a modest move to the upside for GBP versus the Euro overnight. With very little data out or market driving news stories this appears to be a technical move rather that a return to strength at this stage. Rates rarely move in a straight line. If the dominant, short term weakness for the Pound prevails we would expect these small bounces along the way.

Overnight the Pound also touched 12 month lows versus the Dollar which is a pattern that might well continue going forward as traders take a risk off approach around Omicron.

The Swedish Krona has found it's feet versus the Euro and the Pound also in the past few sessions which seems to have halted the downward trajectory it was suffering from previously.

The Pound still looks good against the Australian Dollar. However the nice uptrend has faltered a little and we are now seeing more of a plateau as things stand.

Looking ahead it's a speech by the Bank of England's Governor and The FED's Jerome Powell testifying to congress that could move things. Sandwiched between these is the ADP Employment figures from the States.

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: BoE's Andrew Bailey speech

US: 14:15 ADP Employment change

US: 16:00 FED's Powell testifies to Congress

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