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Market Comment - 23rd August 2022

Posted by Stuart PritchardAugust 23, 2022

Good morning,

The GBP/USD rate continues to negatively push the support line. Today sees the rate at a level not seen since March 2020 when the rate spiked lower momentarily. The trading pattern for the past couple of weeks looks a little different this time around and EUR/USD has now seen a level not reached since 2002. The Dollar is very much the flavour of the month with the ongoing conflict in Ukraine.

GBP/EUR is a slightly different story where the rate remains towards the upper end of the range.

Plenty of global data out today with S&P manufacturing and services numbers being reported. First out of the traps is Europe followed by the UK then the US. Throw into the mix a speech by the ECB's Fabio Panetta and European consumer confidence numbers later and it could be an interesting day.

Today’s Economic Calendar

EUR: 09:00 S&P Global Manufacturing and Services

UK: 09:30 S&P Global Manufacturing and Services

EUR: 12:00 ECB Panetta Speech

US: 14:45 S&P Global Manufacturing and Services

US: 15:00 New Home Sales

EUR: 15:00 Consumer Confidence

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

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