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Market Comment - 24th August 2022

Posted by Stuart PritchardAugust 24, 2022

Good morning,

As if inflation wasn't bad enough the Trade Union Congress (TUC) is calling for the minimum wage to be increased to £15 per hour....for all age groups. The theory is obviously sound because consumers can't keep up with the cost of living. There are 2 sides to that seesaw. Either lower prices or increase wages otherwise the seesaw gets out of balance. However putting up wages means employers have to put up prices and employees have more money in their pockets meaning they spend more. Both of those things would result in higher inflation.....

Interestingly the economic outlook would appear to be less gloomy than we are led to believe. European consumer confidence did come in at a pessimistic -24.9, but analysts were predicting -28. Sounds like something that's rolled in glitter rather than polished.

GBP/EUR continues to climb slowly although there aren't many catalysts scheduled today that might push that rate to the top of the mid term range. GBP/USD has lifted off the lows although this could be temporary as there's mainly US led data out today with their durable goods, pending home sales and crude oil stock numbers out. The Euro rates could be affected at breakfast tomorrow when Germany releases its GDP data.

Today’s Economic Calendar

US: 13:30 Durable Goods

US: 15:00 Pending Home Sales

US: 15:30 EIA Crude Oil Stocks

GER: Thursday 07:00 GDP Data

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

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