Market Comment - 26th April 2022

Posted by Stuart PritchardApril 26, 2022

Good morning,

The big business news story overnight is the $44 billion bid by Elon Musk for Twitter which has been accepted by their board and is now being presented to the shareholders. Whilst this has had little effect on currency rates it shows that large, corporate moves are still in the offing and demonstrates that perhaps the global recovery post pandemic is still underway.

The war in Ukraine seems to have taken more of a backseat in recent weeks and is having little effect on global markets now. However that could always turn on a sixpence and shouldn't be ignored if the situation escalates.

Today sees another day of quietness regarding UK and Euro scheduled data. With little due to be announced it's unlikely the GBP/EUR rate will fluctuate much. Currently the rate is in the middle of the mid term range.

GBP/USD is another matter. The Pound continues to demonstrate weakness versus the Dollar indicating a potentially good time to be converting Dollars into Pounds. With Durable Goods Orders out from the US later in the day that might be the catalyst to see some change to the rate going into the afternoon.

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: 13:30 Durable Goods Orders

US: 15:00 Consumer Confidence

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