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Market Comment - 1st March 2022

Posted by Andy DyerMarch 1, 2022

Good morning,

Sterling remains under pressure versus most majors including the Dollar, Australian Dollar and the Canadian Dollar. Against the Euro it's holding it's own for the moment. However the continued failure to break out to the upside could be ominous for a retest of the mid term low of the range.

Against the US Dollar that's to be expected as traders move their positions to perceived safe havens such as the Greenback.

Overnight Chinese manufacturing data came in slightly above expectations which is an ongoing sign of the global recovery following the pandemic.

However it's the Ukraine situation that is obviously dominating headlines with further escalation in the last 24 hours including reports of a substantial Russian military convoy heading towards Kyiv. It seems a little unreal that we could be talking about this type of thing in this day and age of globalisation and communication.

Today sees a speech by the ECB President, Christine Lagarde, along with German preliminary inflation numbers, manufacturing data from the US and speeches from the Bank of England. It could be another volatile day in the markets.

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

EUR: 13:00 ECB' Christine Lagarde Speech

GER: 13:00 Preliminary Inflation Data

US: 15:00 ISM Manufacturing Data

UK: 18:30 BoE's Michael Saunders Speech

UK: 19:00 BoE's Catherine Manns Speech

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