Login

Market Comment - 26th May 2021

Posted by Andy DyerMay 26, 2021

Good morning,

There has been a confusion with the government’s advice that was set out over the last few days in regards to the eight areas in the UK that have been hit hard with the Indian Covid-19 variant. Ministers have backtracked over the travel advice, after a change in guidance led to a massive confusion. The advice is now that people should minimise travel in and out of Bolton, Blackburn, Kirklees, Bedford, Burnley, Leicester, Hounslow and North Tyneside.

US business groups have joined up to form a coalition opposing tax increase proposals by the Biden administration. The coalition has been established because President Biden is seeking to pass a $2.3tn (£1.7tn) infrastructure package, this would direct billions to initiatives such as charging stations for electric vehicles and eliminating lead water pipes.

In regards to the currency markets, the major pairs continued to trade within a narrow range as they have done for the last couple days. Sterling held a partially softer tone yesterday; the euro remained in a position where it was holding a slightly firmer tone against the dollar.

The German Ifo for May ended up coming in ahead of the predictions and has reached a 2-year high. In addition to this, the other key data release for yesterday was the Conference Board measure of US consumer confidence for May; the data from this did not meet expectations.

The opening trading for this morning is still very uneventful; EUR/GBP is at a similar mark to yesterday. EUR/USD is also at a similar position to what it was yesterday, with the euro slightly gaining against the dollar. GBP/USD has come down slightly to what it was yesterday.

For the day ahead, there isn’t much happening in regards to the macro calendar; for the currency markets you can expect them to trade within narrow ranges again today.

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Todays Economic Calendar 

Todays Economic Calendar 

Wed 26th FRA: 07:45 INSEE Business Climate (May)

FRA: 07:45 Consumer Confidence (May)

© 2022. RegencyFX Ltd. All rights reserved. *Third party fees may apply.

Payment services for RegencyFX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Currency Pairs, Approved Jurisdictions and Non-Permitted Activity

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram