Market Comment - 21st October 2021

Posted by Stuart PritchardOctober 21, 2021

Good morning,

The GBP/EUR rate is starting to form a nice technical pattern on the 15 minute chart. 20 month highs are forming a key resistance level whilst the support level is rising. In other words when the rate drops it's not dropping as far each time. this potentially indicates a strong move in the near term.....the difficulty is whether that's to the upside or the downside.

Of course, what can't be factored in, is any global news around the UK's or Europe's reaction to Covid as we start moving towards the more difficult months for health services in the Northern hemisphere.

Keeping across all the news services it's a point that has started rearing its head a lot more in recent days compared with the foot off the brake rhetoric we've been used to for a couple of months. It will very much be a case of watch this space.

It looks unlikely that this will affect international travel....however, based on the weather in the South West last night, a trip to Spain would be blessing right now.

Other than that there doesn't appear to be any real volatility as we speak in the forex markets, but this can turn on a sixpence.

Today's data is dominate by US payroll updates and there's the UK's retail sales data out tomorrow at breakfast time.

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

US: 13:30 Initial Jobless Claims

UK: 07:00 Retail Sales

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