Market Comment - 24th June 2022

Posted by Stuart PritchardJune 24, 2022

Good morning,

The UK's retail sales figures this morning were slightly worse than expected as the cost of living starts to be felt. Analysts were predicting a year on year slow down of negative 4.5% and the actual figure was negative 4.7%. This isn't way off expectations so the numbers have had little effect on GBP rates.

The UK also released it's consumer confidence figures in the early hours which came in at -41 which is the worst rating since 1974. Things are not boding well for consumers by the looks of it.

Overall the Pound is still tracking sideways against most major currencies such as the Dollar, Euro, Canadian Dollar and Australian Dollar.

There are a number of speeches today from both the ECB and the Bank of England so maybe this will cause rates to move. Short of a global news story it looks like it could be another quiet day in the forex markets.

Today’s Economic Calendar

EUR: 12:30 ECB Luis De Guindos Speech

UK: 13:30 BoE Huw Pill Speech

UK: 14:45 BoE Jonathan Haskell Speech

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