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Market Comment - 24th May 2022

Posted by Stuart PritchardMay 24, 2022

Good morning,

This morning saw worse than expected Public Sector Net Borrowing from the UK. Analysts had predicted £8.51bn but the actual figure came in at £17.79bn. This has caused an immediate dip in the GBP/EUR rate and the morning will tell if this dip continues.

It's a different story versus the Dollar. The Pound continues to improve off the lows which is encouraging although the rate still remains well off the defined previous range.

Global manufacturing and services purchasing managers indices are starting to come out. So far they have been broadly in line with expectation so it will be interesting to see if that pattern continues.

Today sees a bit of a yawnathon starting with the FED's Jerome Powell's speech followed by the ECB President, Christine Lagarde, who gives yet another speech early tomorrow.

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

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Today’s Economic Calendar

US: 17:20 FED Jerome Powell's Speech

EUR: 19:00 ECB President Christine Lagarde Speech

EUR: Wednesday 08:00 ECB Fabio Panetta Speech

EUR: Wednesday 09:00 ECB President Christine Lagarde Speech

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