Market Comment - 23rd June 2022

Posted by Stuart PritchardJune 23, 2022

Good morning,

The UK Government borrowed £13.22 billion in May which was in line with expectations and still remains above pre Covid levels. However it's down from the £21.13 billion in April. This seems to have caused a slight softening of the Pound versus the Dollar, but nothing drastic.

Business news continues to be dominated by the rail strike and the difficult to assess impact on the economy. There are news stories of cancelled holiday bookings and less people being in work than should be, but it's a difficult situation to put an accurate number on in terms of economic loss.

GBP/EUR and GBP/USD rates remain entrenched in the sideways pattern. Possibly the Global Purchasing Managers Index being reported shortly might move things as comparisons will be drawn on the UK versus Europe.

Other than that it's a quiet day for news except for the US releasing it's employment data later and the FED's Chair, Jerome Powell, testifying to congress later.

The US is continuing it's bank stress tests initiated by the global credit crunch and that report comes out later tonight.

Today’s Economic Calendar

EUR: 09:00 Purchasing Managers Index

UK: 09:30 Purchasing Managers Index

US: 13:30 Employment Data

US: 15:00 FED's Jerome Powell Testifies

US: 21:30 Bank Stress Test Results

UK: Friday 07:00 Retail Sales

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