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Market Comment - 22nd August 2022

Posted by Stuart PritchardAugust 22, 2022

Good morning,

It's been a poor few days for the Pound versus the Dollar. The rate is now on a critical support line. If this is breached it's difficult to analyse where the rate might go to. This could be a fantastic time for anyone converting Dollars to Sterling.

Against the Euro the Pound is doing better as the rate holds towards the upper end of the mid term range.

Over the weekend China cut it's interest rate, and it's official mortgage rate as officials move to turn the property crisis in China around. It's estimated that $1 trillion in value has been wiped off the Chinese property sector in the last 12 months. Staggering numbers.

Other than that it's a fairly quiet day for scheduled news until tomorrow morning when there is a raft of global manufacturing and services news. In the meantime traders will be closely watching the GBP/USD rate.

Today’s Economic Calendar

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

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