Market Comment - 27th April 2022

Posted by Stuart PritchardApril 27, 2022

Good morning,

It's been another torrid 24 hours for the Pound versus the Dollar with Sterling continuing its slide to the downside. The next 24 hours will be critical for the rate. However it's difficult to see where the positive catalyst might come from. There's not much UK based data out over the next couple of days so it would only be adverse US data that could turn things around for the Pound.

Against the Euro it's a similar story with a 2 week decline in the GBP/EUR rate. It could be an interesting time to convert Euros to Pounds for anyone who has recently sold property in Europe.

Unfortunately the Pound woes continue versus the Australian Dollar, Canadian Dollar and the Turkish Lira also.

Business headlines are dominated by the Twitter takeover by Elon Musk, but more importantly by the news that Russia has cut off gas supplies to Poland and Bulgaria who refuse to pay for that commodity with Russian Roubles. Russia has been using that tactic to try and bolster the beleaguered Rouble which appears to have generally worked as the USD/RUB rate is now back to pre conflict levels.

Today sees the ECB President, Christine Lagarde, giving a speech followed by the Bank of Japans interest rate decision in the early hours of Thursday.

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

EUR: 17:00 ECB President Speech

JPN: 04:00 Thursday BoJ Interest Rate Decision

JPN: 07:00 Thursday BoJ Press Conference

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